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Brookfield Acquires Playa Capital; Partners With A U.S Pension Fund

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Brookfield Residential Properties Inc. (BRP: Quote), Tuesday announced the acquisition of California-based Playa Capital Company, which includes approximately 2,250 units on more than 65 acres of land at Playa Vista. The financial terms of the deal were not disclosed.

The company also said it was partnering with California State Teachers' Retirement System to develop the Bearspaw lands which includes over 2,500 lots in the northwest quadrant of Calgary.

Commenting on the development, Alan Norris, President and CEO said, " The opportunities to finalize the development of Playa Vista, one of the last coastal master-planned communities in California and to expand our relationship with CalSTRS to develop the Bearspaw lands in Alberta are very exciting initiatives for Brookfield Residential. Both projects enhance our market position in the respective markets as a leading land developer and homebuilder."

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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After moving mostly higher in early trading on Tuesday, stocks have given back ground over the course of the trading session. A negative reaction to news of new European sanctions against Russia contributed to the pullback by the markets. Consumer confidence in the U.S. improved for the third consecutive month in July, according to a report released by the Conference Board on Tuesday, with the consumer confidence index jumping to its highest level in almost seven years. Stocks have moved mostly higher in early trading on Tuesday after ending the previous session roughly flat. The major averages have climbed into positive territory, although there does not seem to be much conviction behind the upward move.
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