Consortium announces revised agreement to acquire O&Y Portfolio

August 25, 2005:

Brookfield Properties Corporation and its Canadian-based subsidiary, BPO Properties Ltd. today announced that its bidding consortium, which includes the CPP Investment Board, has revised its agreements to acquire 100 per cent of the shares of O&Y Properties Corporation and 100 per cent of the units of O&Y Real Estate Investment Trust for a combined total value of approximately C$2 billion.

[Brookfield news release]