Brookfield Asset Management, Currently Brascan Corporation, Sells Commercial Brokerage Operation to Cushman & Wakefield.TORONTO -- Brookfield Asset Management  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . (currently Brascan Corporation) (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :BNN BNN Boston Neighborhood Network BNN Boundary Network Node (IBM) BNN Back-Propagation Neural Network BNN Biological Neural Network BNN Bart's Neverending Network (public-service TV network in The Netherlands) )(NYSE NYSE See: New York Stock Exchange :BNN) today announced that it has sold wholly owned Royal LePage Commercial, one of Canada's foremost diversified commercial real estate services companies with brokerage and professional services operations, to Cushman & Wakefield, a privately held real estate services firm for an undisclosed amount. Cushman & Wakefield's acquisition of Royal LePage Commercial includes its commercial brokerage operations in five major business centres coast to coast: Vancouver, Calgary, Ottawa, the Greater Toronto Area The Greater Toronto Area (widely abbreviated as the GTA) is the most populous metropolitan area in Canada. The GTA is a provincial planning area with a population of 5,555,912 at the 2006 Canadian Census. and Montreal. Commented Sam Pollock, President, Brascan Investments, "We are pleased that since our privatization of Royal LePage in 1999, the Commercial division has grown substantially and achieved such a strong leadership position in the Canadian real estate industry. The sale of Royal LePage Commercial enables us to surface value for shareholders and provides the Commercial group with the opportunity for continued growth and success on a global basis as part of the expanding Cushman & Wakefield franchise". Brookfield Asset Management is retaining the Brascan Financial Real Estate Group (BFREG), an industry leading real estate investment banking boutique. "Their focus on providing investment and corporate banking, advisory and investment services to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. real estate clients complements our diverse real estate asset management platform and enhances our service offering for our institutional clients and partners. Together, we look forward to continuing our close working relationship with Cushman & Wakefield, as we have in the past, to build our respective businesses", added Pollock. Brookfield Asset Management is also retaining Royal LePage Residential and Straticom Planning Associates. Brookfield Asset Management (Brascan Corporation) is a specialist asset manager. Focused on property, power and infrastructure assets, the company has approximately $40 billion of assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. , including 70 premier office properties and 130 power generating plants. The company is co-listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Toronto Stock Exchanges Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . For more information, please visit our web site at www.brascancorp.com Note: This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe", "expect", "anticipate", "intend", "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include general economic conditions, interest rates, availability of equity and debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay and other risks detailed from time to time in the company's 40-F filed with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Brascan Corporation (TSX:BNN) (NYSE:BNN) |
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