Canada’s Brookfield Properties is flush with cash due to its access to both Canadian and US capital…and now, it’s SHOPPING TIME…

As the economic crisis took hold in 2008, few commercial real estatecompanies looked as exposed as Brookfield Properties Corp.

The largest U.S. banks were in danger of collapse and two major brokerage firms had disappeared, leaving millions of square feet of prime office space empty. As one of Manhattan’s largest landlords, Brookfield seemed vulnerable, and a sense of alarm set in among the stock analysts who covered Brookfield.

With $1-billion (U.S.) of debt due in 2009 and 40 per cent of its profits dependent on its New York office towers – most of them acquired on the cheap at the end of the last major recession from the failure of Olympia & York – nervous investors drove the company’s shares down 75 per cent in less than six months.

Read the full article, “Cash-flush Brookfield set to pounce” in the Globe and Mail (March 18, 2010).

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