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Brookfield Seeks $263M Interest in Two Towers

MELBOURNE, AUSTRALIA-New York City-based Brookfield is looking to secure an indirect interest in the 20-story Southern Cross West here and the 52-story BankWest Tower in Perth.

By Robert Carr | Updated on June 24, 2011

MELBOURNE, AUSTRALIA- Brookfield Office Properties Inc., based in New York City, plans to secure an indirect interest in two office towers in Australia for $263 million. The acquisitions of interest in Southern Cross West here and BankWest Tower in Perth will be made by the company’s Brookfield Prime Property Fund, and will be funded through a combination of available liquidity, bank debt and an acquisition bridge facility.

According to Australia tax law, an entity has an indirect interest in a corporation if the corporation is linked to another corporation (the directly controlled corporation) in which the entity has a direct interest. Brookfield Office Properties indirectly holds the remaining 50% interest in the Southern Cross property, also through the property fund. An affiliate, Brookfield Asset Management, holds the remaining 50% interest in BankWest Tower.

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