Brookfield Consortium's O&Y Acquisition Blocked

Brookfield Properties Corp. and its Canada-based subsidiary BPO Properties Ltd. said their bidding consortium was unable to complete its planned acquisition of shares from O&Y Properties. The consortium "received approval from the shareholders of O&Y Properties, but did not receive the required level of approval by O&Y Real Estate Investment Trust … minority unitholders to complete the acquisition of 100% of its assets under the terms of the definitive agreements announced on June 1, 2005," Brookfield Properties said. "Because the O&Y REIT and O&Y Properties transactions are interconditional, we will be assessing our options and will decide in the near future how best to proceed in the circumstances," said Ric Clark, president and chief executive officer of Brookfield Properties Corp. Brookfield Properties can be found online at http://www.brookfieldproperties.com.