(Source: Business Wire)
Brookfield Properties Corporation (BPO: NYSE, TSX) today announced that the underwriters of its equity offering of common shares have exercised their entire over-allotment option to purchase an additional 7.125 million common shares of Brookfield Properties at a price of $9.50 per share. Concurrently, Brookfield Asset Management (BAM: NYSE, TSX) is purchasing directly or indirectly 7.125 million shares representing an equivalent number of shares on a pro rata basis.
The gross proceeds to Brookfield Properties from the exercise of the over-allotment option and the concurrent sale of additional shares to Brookfield Asset Management total $135.4 million. The total gross proceeds to Brookfield Properties raised in the equity offering from the combined share issuances total $1.04 billion.
Closing is expected to occur on August 21, 2009. RBC Capital Markets, Citi, Deutsche Bank Securities and TD Securities are acting as joint book-running managers.
A written prospectus relating to the offering may be obtained from RBC Capital Markets in Canada, Attention: Distribution Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax: 416-313-6066); or in the U.S. from RBC Capital Markets Corporation, Attention: Prospectus Department, Three World Financial Center, 200 Vesey Street, 8th Floor, New York, NY 10281-8098 (fax: 212-428-6260). An electronic version is available on the company's Web site at www.brookfieldproperties.com.
The Form F-10 registration statement relating to the common shares has not yet become effective. The common shares to be issued under this offering may not be sold, nor may offers to buy be accepted prior to the time the registration statement becomes effective. Similarly, these common shares may not be sold in Canada until a receipt for a final prospectus is obtained. This news release shall not constitute an offer to sell or the solicitation for an offer to buy, nor shall there be any sale of the common shares in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
Brookfield Properties Profile
Brookfield Properties owns, develops and manages premier office properties. Its current portfolio is comprised of interests in 108 properties totaling 75 million square feet in the downtown cores of New York, Boston, Washington, D.C., Los Angeles, Houston, Toronto, Calgary and Ottawa, making it one of the largest owners of commercial real estate in North America.
