Brookfield Properties Announces Purchase Of Additional Shares Of BPO Properties.

Business Editors

NEW YORK--(BUSINESS WIRE)--April 25, 2003

Brookfield Properties Corporation (NYSE:BPO)(TSX:BPO) announced today that it has acquired an additional 574,900 voting common shares of BPO Properties Ltd. (TSX:BPP) in a private transaction at a cost of C$27.00 per BPO Properties share. The transaction increased Brookfield's equity interest in BPO Properties from 87% to 92%.

A wholly-owned subsidiary of Brookfield acquired the additional shares by issuing C$15.5 million of retractable preferred shares. The preferred shares are retractable until April 25, 2005 for either cash or, at the option of the holder, 474,466 common shares of Brookfield and 94,893 common shares of Brookfield Homes Corporation, subject to certain adjustments.

Brookfield Properties Corporation, with a stock market value of $9 billion in assets, owns, develops and manages premier North American office properties. The Brookfield portfolio comprises 50 commercial properties and development sites totaling 45 million square feet, including landmark assets such as the World Financial Center in New York and BCE Place in Toronto. Brookfield is inter-listed on the New York and Toronto Stock Exchanges under the symbol BPO. For more information, visit the Brookfield Properties website at www.brookfieldproperties.com.