Content area
Abstract
This press release contains forward-looking statements and information within the meaning of applicable securities legislation. Although Brookfield Properties believes that the 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 set forth in the forward-looking statements and information include general economic conditions; local real estate conditions, including the development of properties in close proximity to the company's properties; timely leasing of newly-developed properties and re-leasing of occupied square footage upon expiration; dependence on tenants' financial condition; the uncertainties of real estate development and acquisition activity; the ability to effectively integrate acquisitions; interest rates; availability of equity and debt financing; the impact of newly-adopted accounting principles on the company's accounting policies and on period-to-period comparisons of financial results; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading "Business of Brookfield Properties - Company and Real Estate Industry Risks." The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.
Brookfield is joined in this acquisition by The Blackstone Group. Under the terms of its joint venture with Blackstone, a company to be jointly owned by Brookfield Properties and Blackstone will acquire 100% of the outstanding common shares of Trizec Properties at $29.01 per share, representing a 22% premium over the 30-day weighted average price of the company. In addition, Brookfield Properties will acquire 100% of the outstanding shares of Trizec Canada at US$30.97 per share, representing a 36% premium over the 30-day weighted average price of the company. The additional $1.96 per share consideration for Trizec Canada reflects the value of Trizec Canada's net assets beyond its approximately 38% interest in Trizec Properties. Trizec Canada shareholders may also be offered an alternative to receive their proceeds in the form of preferred shares up to a maximum of $400 million.