Calgary, Alberta, June 15, 2011
– (BRP: NYSE/TSX) Brookfield Residential Properties Inc. (“Brookfield Residential”) today announced the completion of Brookfield Office Properties Inc.’s rights offering, which enabled shareholders of Brookfield Office Properties to purchase shares of Brookfield Residential at a price of US $10 per share. 18,174,728 shares of Brookfield Residential were purchased by shareholders other than Brookfield Asset Management Inc. (“Brookfield”) in the rights offering for total consideration of approximately US$182 million. This represented 72% of the shares available for purchase by shareholders other than Brookfield in the rights offering.
Brookfield purchased a total of 33,325,272 shares of Brookfield Residential in connection with the rights offering, representing its pro rata share, together with all shares of Brookfield Residential not otherwise subscribed for in the rights offering pursuant to a standby commitment.
Upon completion of the rights offering, Brookfield owned 74.5 million shares of Brookfield Residential, or approximately 73.5%.
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Brookfield Residential Properties Inc. is a North American land developer and homebuilder, active in ten principal markets with over 100,000 lots controlled. We entitle and develop land and build homes for our own communities, as well as sell lots to third-party builders. The company is listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol BRP.
For more information, please visit our website at www.brookfieldrp.com or contact:
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Note: Certain statements in this press release that are not historical facts, including, without limitation, information concerning the merger and contribution, and those statements preceded by, followed by, or that include the words “believe,” “planned,” “anticipate,” “should,” “goals,” “expected,” “potential,” “estimate,” “targeted,” “scheduled” or similar expressions, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Undue reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results to differ materially from the anticipated future results expressed or implied by such forward-looking statements. There can be no assurance that the proposed transaction will be consummated or that the anticipated benefits will be realized. The proposed transaction is subject to various regulatory approvals and the fulfillment of certain conditions, and there can be no assurance that such approvals will be obtained and/or such conditions will be met. Factors that could cause actual results to differ materially from those set forward in the forward-looking statements include, but are not limited to: failure to obtain required regulatory and shareholder approvals; failure to realize anticipated benefits of the merger; changes in general economic, real estate and other conditions; mortgage rate changes; availability of suitable undeveloped land at acceptable prices; adverse legislation or regulation; ability to obtain necessary permits and approvals for the development of our land; availability of labor or materials or increases in their costs; ability to develop and market our master-planned communities successfully; confidence levels of consumers; ability to raise capital on favorable terms; adverse weather conditions and natural disasters; relations with the residents of our communities; risks associated with increased insurance costs or unavailability of adequate coverage and ability to obtain surety bonds; competitive conditions in the homebuilding industry, including product and pricing pressures; and additional risks and uncertainties referred to in Brookfield Homes’ Form 10-K and other SEC filings, many of which are beyond our control. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.