Brookfield Asset Management Inc has agreed to buy the other 50 percent of its Canadian and Australian facilities management businesses from Johnson Controls Inc. The price of the acquisition is about $200 million. As a result of Brookfield ending its joint venture pacts with Johnson Controls, Brookfield will launch a facilities management business in the U.S. and Europe.
NEW YORK, NEW YORK–(Marketwired – Jan. 23, 2015) – Brookfield Asset Management Inc. (“Brookfield”) announced today that it has reached an agreement to acquire the other 50% of its Canadian and Australian facilities management businesses from Johnson Controls Inc. for approximately US$200 million. This acquisition will facilitate a merger with its wholly owned businesses in the Middle-East and South America as part of a broader plan to create the leading global facilities management business.
With the termination of its joint venture agreements with Johnson Controls, Brookfield will immediately launch its facilities management businesses in scale in the United States and Europe, building on client relationships across its 340 million square feet property portfolio.
“As the largest property owner in the United States, expansion to the U.S. was always natural, but not feasible under our previous agreements,” stated Cyrus Madon, CEO of Brookfield Capital Partners.
Brookfield, one of the world’s leading commercial property owners, will offer facilities management services to tenants around the globe. In addition to its real estate relationships, Brookfield is one of the world’s largest servicing organizations for executive relocations to Fortune 500 companies and intends to align this service offering for its customers. As one of the largest global owners and operators of infrastructure assets, Brookfield will also launch infrastructure related facilities management services.
“The consolidation of our Canadian and Australian businesses is a first step toward our goal of creating a global, industry leader in facilities management. We look forward to providing best-in-class service to our clients,” said Madon.
Brookfield Asset Management Inc. is a global alternative asset manager with approximately $200 billion in assets under management. The company has over a 100-year history of owning and operating assets with a focus on property, infrastructure, renewable power and private equity. It has a range of public and private investment products and services, which leverage its expertise and experience and provide Brookfield with a competitive advantage in the markets where it operates. Brookfield is co-listed on the New York and Toronto stock exchanges under the symbol BAM and BAM.A, respectively, and on NYSE Euronext under the symbol BAMA. For more information, please visit our website at www.brookfield.com.