Toronto, Canada,
November 19, 2007 – Brookfield
Asset Management Inc. (“Brookfield”)
(NYSE/TSX: BAM) is pleased to announce
it has acquired KG Redding, an investment
manager of North American and global real
estate securities with more than $6 billion
in assets under management, for consideration
including $80 million cash and Class A
limited voting shares of Brookfield and
potential contingent consideration based
upon future performance.
Brookfield Asset Management is a global
leader in real estate and infrastructure
investment with more than $85 billion in
assets under management.
“The acquisition of KG Redding’s
real estate securities investment platform
adds a strategic component to Brookfield’s
growing public securities business,” said
Mr. Clifford Lai, Managing Partner Brookfield
Investment Management.
Based in Chicago, KG Redding has a select
group of institutional clients and an experienced
team of investment professionals. It was
formed in 2001 by Chief Executive Officer,
Mr. Kim Redding, who has more than 20 years
experience in managing listed real estate
securities.
The firm has successfully developed a
number of core domestic and opportunistic
global strategies. Additionally, in partnership
with Australian-based investment manager
AMP Capital Investors, the firm has responsibility
for global real estate securities programs
for Australian, Asian and North American
investors.
KG Redding will continue to operate as
an independently-run Registered Investment
Advisor under the new name of Brookfield
Redding LLC, and be led by its key executives,
Mr. Kim Redding, Mr. Nicholas Tannura and
Mr. Jason Baine. The firm’s global
business, known as AMP Capital Redding
Investors, will also continue to manage
global real estate securities programs
through its regional offices in Chicago,
London, Singapore and Sydney.
“Importantly, we believe the transaction
with Brookfield offers a number of key
benefits for our clients,” said Mr.
Redding, Chief Executive Officer of KG
Redding. “The two firms share a similar
investment philosophy and business culture
and synergies exist to potentially enhance
investment capabilities and expertise in
the future.”
About Brookfield Asset Management
Brookfield Asset Management Inc. is focused
on property, power and infrastructure assets.
The company has over $85 billion of assets
under management and is co-listed on the
New York and Toronto Stock Exchanges. For
more information, please visit Brookfield’s
website at www.brookfield.com.
Note: This press release contains
forward-looking information within the
meaning of Canadian provincial securities
laws and other “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.
The words “expected,” “will” and
other expressions which are predictions
of or indicate future events, trends or
prospects and which do not relate to historical
matters identify forward-looking statements.
Although Brookfield Asset Management believes
that the acquisition of KG Redding, the
takeover of Multiplex, the proposed distribution
of units of Brookfield Infrastructure Partners,
and the company’s 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 which may cause the actual
results, performance or achievements of
the company 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: economic and financial conditions
in the countries in which we do business;
the behaviour of financial markets, including
fluctuations in interest and exchange rates;
attainment of approval from the SEC, Canadian
provincial securities regulators and other
regulatory bodies for the distribution
of units of Brookfield Infrastructure Partners,
which has not yet been received; market
demand for an infrastructure company, which
is unknown; ability to compete for new
acquisitions in the competitive infrastructure
space; availability of equity and debt
financing; strategic actions including
dispositions; the ability to effectively
integrate acquisitions into existing operations
and the ability to attain expected benefits;
the company’s continued ability to
attract institutional partners to its Specialty
Investment Funds; adverse hydrology conditions;
regulatory and political factors within
the countries in which the company operates;
acts of God, 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 the company’s
form 40-F filed with the Securities and
Exchange Commission as well as other documents
filed by the company with the securities
regulators in Canada and the United States
included in the Annual Information Form
under the heading “Business Environment
and Risks”.
We caution that the foregoing list of
important factors that may affect future
results is not exhaustive. When relying
on our forward-looking statements to make
decisions with respect to Brookfield Asset
Management, investors and others should
carefully consider the foregoing factors
and other uncertainties and potential events.
The company undertakes 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.
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For additional information, please contact:
Alice Olive
Marketing Manager
KG Redding
Tel.: (312) 377-8255
Email: aolive@kgredding.com
Denis Couture
SVP, Investor Relations and Corporate and
International Affairs
Brookfield Asset Management
Tel.: (416) 956-5189
Email: dcouture@brookfield.com
www.brookfield.com
