Brookfield Agrees to Issue Preferred Stock

Brookfield Properties Corp., New York, has announced an agreement to issue $150 million of cumulative redeemable preferred shares (denominated in Canadian dollars) to a syndicate of investment dealers led by CIBC World Markets Inc.The shares carry a dividend rate of 5.0%. Brookfield said it has granted the underwriters an option to buy up to an additional C$50 million of shares at the same offering price. Brookfield, which owns, develops, and manages North American office properties, can be found on the Web at http://www.brookfieldproperties.com.