Press Release 2004
Toronto, October 21, 2004 – Brascan Financial Real Estate Group announced today that it has completed its mandate, acting as exclusive advisor to the vendor, Kolter Property Company, in the C$492 million sale of a landmark portfolio of office properties in Toronto. The portfolio, comprised of seven developments with 15 high quality office properties totalling
2.6 million square feet in the Greater Toronto Area (GTA), has been sold to German investors and represents the largest Canadian office property transaction of this size and quality in 2004.
“We are pleased that we could leverage our expertise in the real estate investment and capital markets and help our client benefit from the continued appetite of domestic and foreign investors for premier office properties in key Canadian markets on behalf of our client” concluded Steve Tiller, President, Brascan Financial Real Estate Group.
The successful sale of the Kolter portfolio represents the Group's third major real estate advisory assignment of 2004, following the sale of the 3.2 million square foot Orlando Corporation industrial and office portfolio in the GTA as well as the sale of the landmark 21-storey, 546,000 square foot 5000 Yonge Street office complex in Toronto.
The Brascan Financial Real Estate Group provides a broad array of advisory and investment services to North American real estate clients, including private real estate investors, developers, pension funds, public corporations and REITS. Brascan Financial Real Estate Group's focus is client service offered through our ability to provide unparalleled access to financial capital, independent advise, unique structuring capabilities, transaction and execution expertise. Brascan Financial Real Estate Group is a division of Brascan Corporation (NYSE:BNN, TSX:BNN.A). Brascan's real estate group owns and operates a significant portfolio of high quality office properties, develops master planned residential communities and provides bridge and mezzanine financing.
*****
Contact:
Brascan Financial Real Estate Group
Victoria L. Joly
Vice President
Office: 416-359-2636
Email: vjoly@brascanfinancial.ca
