Brookfield Canada buys Calgary office development

Brookfield Canada Office Properties, a Canadian REIT, has acquired and will complete the construction of the full-block east tower of Brookfield Place Calgary. The seller was parent company Brookfield Property Partners, and the property is valued at C$1.03 billion ($914 million).

At closing, through available liquidity, Brookfield Canada Office Properties will pay to Brookfield Property Partners C$235 million ($208 million), representing the amount invested and value created to date in the project.

Brookfield Canada Office Properties will commit to fund an additional C$92 million ($81.5 million) of equity and an additional C$575 million ($509.2 million) funded from a first mortgage construction loan. Additionally, Brookfield Canada Office Properties will make a final payment to Brookfield Property Partners of C$64 million ($56.7 million) on stabilization for an aggregate total investment of C$966 million ($855 million).

Brookfield Place Calgary is a f