Brookfield Consortium Agrees to Acquire O&Y Portfolio

June 1, 2005:

Brookfield Properties Corporation (BPO:NYSE,TSX) and its Canadian-based subsidiary, BPO Properties Ltd. ("BPO Properties") (BPP:TSX), today announced that its bidding consortium, which includes BPO Properties and institutional investors, the largest of which is Canada Pension Plan Investment Board (CPP Investment Board), has entered into definitive agreements to acquire all of the shares of O&Y Properties Corporation ("O&Y Properties") (OYP:TSX) and 100% of the assets and liabilities of O&Y Real Estate Investment Trust ("O&Y REIT") (OYR.UN:TSX) for a combined total value of approximately C$2 billion. [More]