Brookfield Refinances And Sells A 50% Interest In The 1.7 Million Square Foot Fifth Avenue Place Office Property.Business Editors TORONTO--(BUSINESS WIRE)--July 23, 2001 Brookfield Properties Corporation today announced that it has refinanced Fifth Avenue Place in Calgary and also sold a 50% interest in this premier office property. A non-recourse first mortgage for C$165 million was placed on the property and a 50% interest was sold to a Canadian institutional investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. based on a gross value of $275 million. Net cash proceeds to Brookfield, after repayment of the current first mortgage, were C$125 million. Brookfield will continue to own the other 50% interest and manage the property. Fifth Avenue Place is a 1.7 million square foot premier office complex in Calgary consisting of two office towers. The complex is owned through 85% owned subsidiary BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra Properties Ltd (BPP (Bits Per Pixel) See bit depth. bpp - bits per pixel : TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). ). "The refinancing and sale of a partial interest in Fifth Avenue Place is one step in a series of value enhancing initiatives which we hope to complete in the next six months in Calgary" commented David Arthur, President and Chief Executive of Brookfield. "Over the past 18 months we have added significant value to this portfolio with the purchase of Bankers Hall in 2000 and a major re-leasing program in which 1.6 million square feet, nearly 25% of the portfolio, was re-leased". Other properties in the Calgary portfolio include the 2.6 million square foot Bankers Hall complex and the 1.8 million square foot Petro-Canada Centre." Brookfield Properties Corporation, with over US$8 billion in assets, owns, develops and manages premier North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. office properties, operates real estate service businesses and develops master planned communities. The Brookfield portfolio includes 60 commercial properties and development sites totaling over 46 million square feet, including landmark properties such as The World Financial Center in 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 BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. 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. |
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