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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

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After ending the previous session mostly higher, stocks may see some further upside in early trading on Wednesday. The major index futures are currently pointing to a modestly higher open for the markets, with the Dow futures up by 17 points. The Bank of Spain on Wednesday boosted its growth projections for Spain this year and the next after the economy grew at a faster rate in the second quarter. In its monthly economic bulletin, the bank raised the growth forecast for this year to 1.3 percent from the 1.2 percent seen previously. The projection for the next year was lifted to 2 percent from 1.7 percent. Bank of England policymakers unanimously decided to maintain the key interest rate and quantitative easing at the meeting held on July 9 and 10, but signaled the possibility of a rate hike late this year as growth became more established.
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