Brookfield Residential Announces Acquisition of OliverMcMillan to Expand its Mixed-Use Business

CALGARY, Alberta, Feb. 06, 2018 (GLOBE NEWSWIRE) -- Brookfield Residential Properties Inc. today announced they have acquired the assets of national mixed-use developer OliverMcMillan.

Joining forces with Brookfield Residential, OliverMcMillan will continue to design and build leading-edge mixed-use developments in some of the most vibrant urban centers in the United States.

“Our focus on our core operations remains a priority, but we see increasing our position in mixed-use development as a significant opportunity and reflects our view of some potential shifts in our residential portfolio,” said Adrian Foley, President & COO, Brookfield Residential.

“This strategic acquisition supports our belief that the increased focus on urban intensification taking place in many of our North American markets, alongside some of the disruptions in the retail sector, will create a significant pipeline of redevelopment opportunities over the next few years. The acquisition of OliverMcMillan provides us with the investment in some incredible mixed-use development opportunities and the skillsets to supplement our existing talented group at Brookfield Residential. We see the role of developing place-making retail, office and residential product as a key attribute to creating great places to call home. OliverMcMillan will help us execute that vision.”

As the flagship North American residential property company of Brookfield Asset Management, Brookfield Residential has an enviable portfolio of high quality land and housing assets, a strong balance sheet, and an extensive pipeline of development opportunities. The addition of OliverMcMillan sets the company up to become a premier North American mixed-use developer. OliverMcMillan’s existing real estate assets will continue to be managed by OliverMcMillan.

OliverMcMillan acquires, designs, develops, manages and leases mixed-use and stand-alone real estate properties in major metropolitan growth markets across the United States and Canada. Investments begin with ground-up assets which are transformed into retail, entertainment, dining, office, medical, residential and hotel environments. OliverMcMillan prides itself as a forward-thinking, visionary developer, ‘Making Special Places Happen’ by creating customized artistic solutions for complex regional projects that serve as a catalyst for economic revitalization and growth in the communities they serve.

“Brookfield Residential is the perfect partner for us to continue the legacy of what we’ve done best for over 40 years – creating special places across the United States and Canada,” said Dene Oliver, CEO OliverMcMillan. “Our progressive values, culture and goals are very much aligned and we are extremely excited to become part of their organization. We simply could not have found a better long term home.”

About Brookfield Residential Properties Inc.

Brookfield Residential Properties Inc. is a leading land developer and homebuilder in North America. We entitle and develop land to create master-planned communities, build and sell lots to third-party builders, and conduct our own homebuilding operations. We also participate in select, strategic real estate opportunities, including infill projects, mixed-use developments, and joint ventures. We are the flagship North American residential property company of Brookfield Asset Management, a leading global alternative asset manager with approximately $265 billion of assets under management. Further information is available at BrookfieldResidential.com.

About OliverMcMillan

Founded in 1978, OliverMcMillan has earned a reputation as one of the largest and most forward-thinking commercial real estate developers. The award-winning firm creates high-quality, artistic, market-appropriate developments and is recognized by industry leaders for its ability to move forward in a nimble and visionary manner. The firm has designed and developed more than eight million square feet of projects, with a total project value exceeding $5 billion. OliverMcMillan currently has real estate projects under development in cities across the United States, including Houston, Atlanta, downtown San Diego, Nashville, Honolulu, Denver, Phoenix and Tustin. Approaching each project with respect for the surrounding architecture and local culture, the firm works to create vibrant, enduring destinations. For additional information about OliverMcMillan, please visit olivermcmillan.com

For media inquiries contact:

Krista Ellingson
Director of Corporate Communications
Tel: 1.403.516.5395
Email: krista.ellingson@brookfieldrp.com

Source:Brookfield Residential Properties Inc.