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COSTA MESA, Calif., May 05, 2021 (GLOBE NEWSWIRE) — Brookfield Residential today announced it has agreed to acquire one of the nation’s largest master-planned community developers, Newland. This acquisition will provide immediate access to nine incremental markets and adds additional strength in five other locations. Along with the acquisition of the management company, Brookfield Residential is also acquiring the (5%) General Partner’s equity interest in 15 (of the 20) master-planned communities that Newland is currently developing.
This strategic acquisition significantly widens the geographical footprint to complement Brookfield Residential’s platform of master-planned communities and to leverage Brookfield Properties’ development capabilities into key major growth cities. Joining forces introduces the new markets of Dallas-Ft. Worth, Houston, Atlanta, Tampa, Seattle-Tacoma, Portland, Raleigh-Durham, Wilmington, and Charleston. It will also expand offerings in San Diego, Denver, Austin, Phoenix and Washington D.C., where each developer has a presence today.
“This acquisition is an investment in our long-term land business, allowing us to leverage our land development expertise to become a large-scale provider of lots to third-party builders and also provide expansion potential for the Brookfield Residential homebuilding brand,” said Adrian Foley, Managing Partner, Real Estate and President, Development. “The acquisition of Newland adds phenomenal master-planned communities to our portfolio in exciting new markets that are experiencing tremendous growth and a lack of supply of new homes. It will round out our existing development capabilities making us one of the few companies that has the breadth of resources, capital and operational talent to successfully scale in this area of the market.”
Newland is an established U.S. real estate land development company with five decades of experience in a wide range of real estate developments.
“We are extremely pleased to be able to team up with Brookfield Properties’ development group,” said Bob McLeod, Executive Chairman, Newland. “This acquisition will provide more opportunities for the continued development of additional mixed-use masterplans well into the future as well as give us significant additional vertical development opportunities. We are looking forward to becoming part of the Brookfield team.”
The acquisition is targeted to close on June 1, 2021, subject to customary closing conditions.
About Brookfield Properties
Brookfield Properties is a leading global developer and operator of high-quality real estate assets. We are active in nearly all real estate sectors, including office, retail, multifamily, hospitality and logistics, operating more than 675 properties and more than 325 million square feet of real estate in gateway cities around the globe on behalf of Brookfield Asset Management, one of the largest asset managers in the world. With a focus on sustainability, a commitment to excellence, and the drive for relentless innovation in the planning, development and management of buildings and their surroundings, Brookfield Properties is reimagining real estate from the ground up. For more information, visit www.brookfieldproperties.com.
About Brookfield Residential Properties Inc.
Brookfield Residential Properties Inc. is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and conduct our own homebuilding operations. We also participate in select, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Asset Management, a leading global alternative asset manager with $600 billion of assets under management. For more information, visit www.brookfieldresidential.com.
For media inquiries contact:Krista Ellingson, Senior Director, Strategic Communications, North AmericaTel: 1.403.516.5395Email: Krista.Ellingson@brookfieldpropertiesdevelopment.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/540417d1-a7a2-42d9-b476-68567400fbbb
U.S. Land Business
Source: Brookfield Residential Properties Inc.