The Real Deal Miami

Brookfield kicks off rights offering for shareholders

May 03, 2011 02:32PM

Brookfield Office Properties will kick off its offering for shareholders to buy into its new Brookfield Residential Properties affiliate next week, the New York-based landlord announced today. Brookfield Office, a subsidiary of Toronto-based Brookfield Asset Management, recently merged its residential unit with Brookfield Homes to create Brookfield Residential, as the company moved to focus its own efforts exclusively on office properties. Shareholders of Brookfield Office will be offered the chance to purchase shares of the residential company for $10 until June 10. Brookfield Residential debuted on the New York Stock Exchange at the beginning of last month; shares closed yesterday at $11.95. TRD