Content area
Abstract
Brookfield Asset Management Inc. (TSX:BAM)(NYSE:BAM) ("Brookfield") and its indirect wholly-owned Brazilian subsidiary, Brascan Residential Properties S.A. ("BRP" or the "Company") today announced the filing of a prospectus with the Brazilian Securities Commission ("CVM") for an initial public offering ("IPO") of common shares of BRP. These shares will be listed for trading on the Novo Mercado segment of the Sao Paulo Stock Exchange (BOVESPA) in Brazil under the Symbol BISA3.
The IPO supports BRP's strategy to expand its business in Brazil. Brookfield plans to retain a major stake in BRP and continue assisting the local management team in leveraging the expertise of the Brookfield group and adopting international best practices in the residential development business in Brazil. Brookfield ranks among the largest residential homebuilders in North America. In addition, Brookfield intends to build on the same high corporate governance standards that the Company has adopted in North America and employed since the inception of its homebuilding activities in Brazil.