BPO Properties completes REIT conversion

On May 1, 2010, BPO Properties Ltd. completed the reorganization of its directly owned office assets under a new Canadian real estate investment trust named "Brookfield Office Properties Canada," which began trading on the TSX on May 3, 2010. As part of the transaction, Brookfield Office Properties Canada acquired Brookfield Properties Corporation's interest in Brookfield Place. The transaction was implemented under a court-approved plan of arrangement.

Upon closing of the transaction, Brookfield Properties held trust units and securities exchangeable for trust units of Brookfield Office Properties Canada representing an aggregate equity interest of approximately 90.7%.

Brookfield Office Properties Canada is a pre-eminent office REIT with a commercial property portfolio consisting of interests in 19 properties totaling 14.4 million square feet, including 2.7 million square feet of parking. Its primary markets are in Toronto, Calgary and Vancouver. Brookfield Properties will provide asset and property management services to Brookfield Office Properties Canada.