Brookfield Completes $886 Million Acquisition of Verde Realty

Fri Dec 21, 2012 1:35pm EST

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

HOUSTON, TEXAS, Dec 21 (MARKET WIRE) --
Brookfield (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) announced today that it
has closed the acquisition of a majority ownership position in Verde
Realty ("Verde"), positioning the company for strong growth as an owner,
operator and developer of industrial distribution facilities in the
United States and Mexico.

    Through this transaction, an investment vehicle managed by Brookfield
will control approximately 81% of the common equity in Verde, with the
remaining equity retained primarily by some existing Verde shareholders. 

    Verde owns 111 industrial distribution facilities comprised of 18 million
square feet of space in major U.S. distribution markets and gateway trade
markets along the U.S. and Mexican border, as well as over 20,000 acres
of land intended for future sale and development. Under new ownership,
the company plans to expand its holdings and seek consolidation
opportunities in the fragmented industrial real estate sector.

    "We look forward to building on our reputation for delivering well
located, high quality distribution facilities for our clients and
executing our growth strategy that includes acquisitions and property
development," commented Ronald Blankenship, Chief Executive Officer of
Verde.

    "Verde is a scalable, cornerstone investment in the industrial property
sector that positions Brookfield to expand its real estate platform into
the logistics arena to capitalize on the evolving global supply chain,"
said David Arthur, Managing Partner at Brookfield Asset Management.

    About Verde

    Verde, a Maryland real estate investment trust, is a fully integrated,
self-administered and self-managed REIT that specializes in the
ownership, acquisition and management of industrial distribution
facilities. Verde's existing operating portfolio is composed primarily of
industrial distribution facilities in the southwestern United States,
California, suburban Chicago, Maryland, Utah and northern Mexico.

    Brookfield Asset Management Inc. is a global alternative asset manager
with more than $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. Brookfield
has a range of public and private investment products and services, which
leverage our expertise and experience and provide us with a competitive
advantage in the markets where we operate. Brookfield is co-listed on the
New York and Toronto Stock Exchanges under the symbol BAM and BAM.A,
respectively, and on NYSE Euronext under the symbol BAMA. For more
information, please visit our website at www.brookfield.com.

    Cautionary Statement Regarding Forward-Looking Statements and Information


    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 and Verde, as well as the outlook for North
American and international economies for the current fiscal year and
subsequent periods, and include words such as "plans", "seeks" 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 Verde
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; the risk that Verde will not be integrated successfully with and
into Brookfield's organization; the risk that cost savings and any other
synergies from the transaction may not be fully realized or may take
longer to realize than expected; disruption from the transaction making
it more difficult to maintain relationships with customers or employees;
business competition; operational and reputational risks; technological
change; changes in government regulation and legislation within the
countries in which we operate, 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 Brookfield's 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 Verde 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.

Contacts:
Brookfield Asset Management
Investors: Katherine Vyse
SVP, Investor Relations
(416) 369-8246
(416) 363-2856 (FAX)
katherine.vyse@brookfield.com

Brookfield Asset Management
Media: Andrew Willis
SVP, Communications and Media
(416) 369-8236
(416) 363-2856 (FAX)
andrew.willis@brookfield.com
www.brookfield.com
Contacts:
Verde Realty
Investors:
Roxanne Cox
(713) 338-3000
(915) 990-2700 (FAX)
roxanne.cox@verderealty.com

Copyright 2012, Market Wire, All rights reserved.

-0-
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.