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December 4, 2012
06:24 EDTBRPBrookfield Residential announces strategic initiatives
Brookfield Residential Properties announced two key strategic initiatives: the acquisition of Playa Capital Company, which includes approximately 2,250 units on more than 65 acres of land at Playa Vista located in California, and the formation of a strategic partnership with a large U.S. pension fund to develop land in Alberta. Brookfield Residential, a North American leader in land development and homebuilding, is purchasing PCC, which comprises the remaining residential units in Playa Vista, along with other ancillary assets and the assumption of infrastructure liabilities pursuant to the Master Plan as well as certain additional ongoing obligations. The company has entered into contracts to sell three apartment sites totaling approximately 1,500 units and 195 for-sale residential lots. The transactions are subject to the satisfaction of customary closing conditions.
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