Brookfield and Johnson Controls to Merge Australian and New Zealand Property and Facility Services Operations to Create Brookfield

Wed Nov 21, 2012 8:09pm EST

* Reuters is not responsible for the content in this press release.

Brookfield Asset Management Inc. (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA),
and global diversified technology and industrial leader Johnson Controls
have agreed to merge their Australian and New Zealand property and
facility services operations to create Brookfield Johnson Controls.

    The merged entity will combine the local operations of Brookfield
Multiplex Services, which provides real estate, facilities and project
management services to a range of large corporate and government
occupiers, with the Australian and New Zealand business of Johnson
Controls Global WorkPlace Solutions (GWS), a leading provider of
facilities, corporate real estate and energy management services.

    Key highlights

--  Brookfield Johnson Controls will combine Johnson Controls GWS's global
    operating model, industry expertise and technology expertise with
    Brookfield Multiplex Services' regional infrastructure, local knowledge
    and established real estate, facilities and project management
--  The merged entity will manage more than 3.9 million square metres of
    property in more than 9,200 locations around Australia and New Zealand.
    Its revenue will be approximately $250 million, with a goal to double
    the size of the business over the next five years. 
--  The company's client base includes major global corporations such as
    Agilent Technologies, GlaxoSmithKline and Cisco, along with a number of
    federal, state and local government agencies. 

    Jon McCormick, managing director, Brookfield Johnson Controls, said:
"This merger creates a new fully integrated real estate, facilities and
project management provider, one of only a handful of companies in
Australia and New Zealand able to offer such a broad range of services.

    "There is a clear opportunity to achieve accelerated growth in a growing
market. Internal research values the outsourced property services market
in Australia and New Zealand at A$18 billion, which is expected to grow
by approximately 5 per cent annually. Both government agencies and
corporates are increasingly looking to outsource property management
functions to get innovative and professional services which can increase
efficiency and deliver bottom-line value. As a result, we see a real
opportunity to draw on the expertise of our two global parent companies
to provide a market-leading alternative."

    Extension of successful global partnership

    Brookfield Johnson Controls is the second partnership between Brookfield
and Johnson Controls globally. The first, which was formed in Canada in
1992, is an established industry leader providing services to more than
12.5 million square metres (134 million square feet) in 11,500 locations
across Canada.

    Concurrent with the formation of Brookfield Johnson Controls in
Australia, interests in the Canadian company will also be realigned. The
Canadian entity will be renamed Brookfield Johnson Controls. 

    The companies' Canadian partnership has built a strong reputation in the
financial services sector, counting many of Canada's largest banks and
financial institutions as clients. This expertise will be used by
Brookfield Johnson Controls to serve Australian and New Zealand financial
services clients, among others.

    "We expect the combined regional strength of Brookfield Multiplex
Services, the Johnson Controls GWS international platform and the global
expertise of our parent companies will be particularly compelling for
banks, insurance companies and other financial institutions in the
region," said Mr McCormick. 

    "Our target sectors also include the life sciences, technology,
industrial and oil and gas markets while our global reach will appeal to
larger companies with operations in Australia and New Zealand looking to
grow into international markets."

    Iain Campbell, vice president and general manager, Johnson Controls
Global Energy and WorkPlace Solutions, said: "This merger represents an
extension of the global Brookfield and Johnson Controls partnership.
Based on a relationship now spanning three decades, and drawing together
the highly-complementary skill sets of our respective businesses, we are
confident our new Australian and New Zealand business will have an
immediate impact in this important market."

    Brian Kingston, CEO of Brookfield Australia, said: "Brookfield and
Johnson Controls have enjoyed great success in Canada using a similar
model to the one that will be employed in Australia. The formation of
this partnership was the next logical step in accelerating our growth in
Australia and New Zealand, a market on which we place great importance
and view with ongoing confidence."

    The merger agreement between Brookfield Multiplex Services and Johnson
Controls GWS in Australia and New Zealand is subject to customary
conditions precedent and is expected to close before the end of the
calendar year. Brookfield Johnson Controls intends to begin operations
from early 2013.

    About Johnson Controls Global WorkPlace Solutions 

    Johnson Controls Global WorkPlace Solutions is a leading provider of
facilities, corporate real estate and energy management for many of the
world's largest companies. We create business advantage for our customers
through tailored solutions that optimize their real estate performance
and employee productivity while reducing total occupancy costs. Our
21,000 employees have delivered over $3 billion in savings for our
customers over the last 10 years and ensure the business continuity of
the 1.8 billion square feet of real estate that we manage in more than 75

    About Johnson Controls 

    Johnson Controls is a global diversified technology and industrial leader
serving customers in over 150 countries. Our 162,000 employees create
quality products, services and solutions to optimize energy and
operational efficiencies of buildings; lead-acid automotive batteries and
advanced batteries for hybrid and electric vehicles; and interior systems
for automobiles. Our commitment to sustainability dates back to our roots
in 1885, with the invention of the first electric room thermostat.
Through our growth strategies and by increasing market share we are
committed to delivering value to shareholders and making our customers
successful. In 2012, Corporate Responsibility Magazine recognized Johnson
Controls as the #5 company in its annual "100 Best Corporate Citizens"

    For additional information, please visit

    About Brookfield Multiplex Services 

    Brookfield Multiplex Services provides real estate, facilities and
project management services to a range of large corporate and government
occupiers in Australia and New Zealand. With more than 3 million square
meters and 8,900 properties under management, Brookfield Multiplex
Services has significant regional infrastructure and service capabilities
that will add to our client service offering.

    About Brookfield  

    Brookfield Asset Management Inc. is a global alternative asset manager
with over $150 billion in assets under management. The company has over a
100-year history of owning and operating assets with a focus on property,
renewable power, infrastructure and private equity. It has a range of
public and private investment products and services. Brookfield is
co-listed on the New York and Toronto Stock Exchanges under the symbols
BAM and BAMA, respectively, and on NYSE Euronext under the symbol BAMA.

    For additional information, please visit 


    This press release contains "forward-looking information" within the
meaning of Canadian provincial securities laws and "forward-looking
statements" within the meaning of Section 27A of the U.S. Securities Act
of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of
1934, as amended, "safe harbor" provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable Canadian
securities regulations. Forward-looking statements include statements
that are predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance, prospects,
opportunities, priorities, targets, goals, ongoing objectives, strategies
and outlook of Brookfield, Johnson Controls and their subsidiaries, as
well as the outlook for North American, Australian, New Zealand and other
economies for the current fiscal year and subsequent periods, and include
words such as "expects", "increase," "grow," or negative versions thereof
and other similar expressions, or future or conditional verbs such as
"may," "will," "should," "would" and "could". 

    Although we believe that our anticipated future results, performance or
achievements expressed or implied by the forward-looking statements and
information are based upon reasonable assumptions and expectations, the
reader should not place undue reliance on forward-looking statements and
information because they involve known and unknown risks, uncertainties
and other factors, many of which are beyond our control, which may cause
the actual results, performance or achievements of Brookfield and Johnson
Controls to differ materially from anticipated future results,
performance or achievement expressed or implied by such forward-looking
statements and information. 

    Factors that could cause actual results to differ materially from those
contemplated or implied by forward-looking statements include, but are
not limited to: the impact or unanticipated impact of general economic,
political and market factors in the countries in which we do business;
the behavior of financial markets, including fluctuations in interest and
foreign exchanges rate; global equity and capital markets and the
availability of equity and debt financing and refinancing within these
markets; strategic actions including dispositions; the ability to
complete and effectively integrate acquisitions into existing operations
and the ability to attain expected benefits; changes in accounting
policies and methods used to report financial condition (including
uncertainties associated with critical accounting assumptions and
estimates); the effect of applying future accounting changes; business
competition; operational and reputational risks; technological change;
changes in government regulation and legislation within the countries in
which we operate; changes in tax laws, catastrophic events, such as
earthquakes and hurricanes; the possible impact of international
conflicts and other developments including terrorist acts; and other
risks and factors detailed from time to time in our documents filed with
the securities regulators in Canada and the United States. 

    We caution that the foregoing list of important factors that may affect
future results is not exhaustive. When relying on our forward-looking
statements, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Except as required
by law, Brookfield and Johnson Controls undertake no obligation to
publicly update or revise any forward-looking statements or information,
whether written or oral, that may be as a result of new information,
future events or otherwise.

MAGNUS Investor Relations + Corporate Communication
Ian Pope
+61 2 8999 1008 / +61 416 826 037

Garry Nickson
+61 2 8999 1004 / +61 414 930 082

Copyright 2012, Market Wire, All rights reserved.

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