Brookfield Acquires Quality Portfolio of Apartment Communities

Mon Feb 11, 2013 7:30am EST

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Brookfield Asset Management Inc.

February 11, 2013 - 07:30:00 AM

Brookfield Acquires Quality Portfolio of Apartment Communities

NEW YORK, NEW YORK--(Marketwire - Feb. 11, 2013) - Brookfield Asset Management
Inc. (TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) today announced the acquisition of
portfolio of 19 apartment communities with 4,892 units located in North
Carolina, South Carolina and Virginia for a total of $414 million from Babcock
& Brown Residential. 

This high quality portfolio is concentrated in the Charlotte and
Raleigh-Durham sub-markets where strong economic and population growth is
expected to yield superior occupancy rates and rental increases. The average
occupancy of the portfolio is 92%. The portfolio is currently financed with
individual non-recourse first mortgage loans which have been assumed as part
of the transaction. 

Fairfield Residential, an affiliate of Brookfield, has an existing geographic
footprint in these same markets and will manage the assets in the portfolio.
Brookfield intends to invest an additional $30 million to maximize value in
the portfolio by selectively upgrading and repositioning assets to increase
rents and return on investment. This transaction will bring Brookfield's
growing multifamily portfolio to approximately 20,000 units throughout the
United States. 

"The acquisition of this attractive portfolio adds to Brookfield's significant
multi-family platform and positions us for continued growth in this property
sector," said David Arthur, managing partner at Brookfield Asset Management.

Babcock & Brown was advised by Robert W. Baird & Co.

Brookfield Asset Management Inc. is a global alternative asset manager with
approximately $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

Fairfield Residential is among the most experienced multifamily real estate
operating companies in the United States and provides acquisitions,
entitlement, development, construction, redevelopment, property and asset
management, and disposition services to its joint venture partners and
affiliates, and to third parties. Fairfield is active in 40 geographically
diverse markets and currently manages approximately 50,000 apartment homes
across the U.S. Fairfield has developed and acquired $20 billion of real
estate assets and has sold more than $13.0 billion in multifamily investments.

For more information, please visit our web site at

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 "expects",
"intends" or negative versions thereof and other similar expressions, or
future or conditional verbs such as "may," "will," "should," "would" and

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.

Brookfield Asset Management Inc.
Andrew Willis
SVP, Communications & Media
(416) 369-8236
(416) 363-2856 (FAX)

Brookfield Asset Management Inc.
Katherine Vyse
SVP, Investor Relations
(416) 369-8246
(416) 363-2856 (FAX)
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