Brookfield Properties, the New York-based landlord and subsidiary of
Toronto’s Brookfield Asset Management, plans to depart from the housing
market entirely to focus exclusively on office properties, Bloomberg
News reported. The company, which just invested billions in bankrupt
shopping mall owner General Growth Properties and also has $1.2 billion
in residential assets, is currently in talks to merge its Carma
Development home building unit with Brookfield Asset Management’s
Brookfield Homes. It plans to then sell its home building operations,
which it said produced $33 million in revenue in the second quarter, to
free up capital to invest in more office buildings, particularly in the
U.S., Canada, Australia and the U.K. The company has also changed its
name to Brookfield Office Properties to affirm its new focus. [Bloomberg]

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