Brookfield Residential (BRP) Acquires PCC, Forms Partnership in Alberta

December 4, 2012 6:06 AM EST
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Brookfield Residential Properties Inc. (NYSE: BRP) announced two key strategic initiatives: the acquisition of Playa Capital Company LLC ("PCC"), which includes approximately 2,250 units on more than 65 acres of land at Playa Vista ("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.

Playa Vista is in a highly desirable Los Angeles community located close to the ocean, job markets, and schools and also hosts an array of amenities. Brookfield Residential will be developing the second and final phase of this live-work-play community that will include mixed-use residential units, an office campus, a shopping center and parks located between the Westchester Bluffs and Marina del Rey.

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