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Brookfield Pockets $193M for 50% Stake in Bankers Hall

NEW YORK CITY-The firm sells half its interest in the 2.7-million downtown Calgary property to British Columbia Investment Management Corp. Brookfield bought the 2.7 million-sf property from TrizecHahn in mid-2000.

By Glen Thompson | Updated on August 06, 2002

NEW YORK CITY-Brookfield Properties Corp. today revealed details of its previously reported sale of Bankers Hall. Fifty percent of Brookfield’s stake in the Calgary complex went to British Columbia Investment Management Corp in a $193-million deal. Toronto-based GWL Realty Advisors Inc. will manage the buyer’s interest in the property.

“The sale of a half interest in Bankers Hall is confirmation of the strength of our proactive portfolio management strategy in which we acquire premier assets at below replacement value, intensively manage these assets to surface value for shareholders, and establish partnerships with high-quality institutional partners who are seeking to participate in the stable growth of these assets,” says David Arthur, President and CEO of Brookfield’s Canadian operations. “This transaction follows the sale of a 50% interest in Fifth Avenue Place inCalgary in 2001 and represents the culmination of the repositioning of our Calgary portfolio,”

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