SYDNEY-Brookfield Properties Corp., also known as Brookfield Office Properties, has completed an acquisition of 10 office complexes here, as well as two in Perth and four in Melbourne, for $1.4 billion. The eight million square feet of assets boost the trust’s holdings to 77 million square feet, and are the first completed properties for this trust to own outside of North America.

The purchase from parent company Brookfield Asset Management was announced in July, as part of Brookfield Properties Corp.’s push to divest its residential assets. The company is still in the process of releasing its residential holdings, under the umbrella of Carma Developers, to Brookfield Homes Corp. This divestment hasn’t been formalized, a company spokesman tells GlobeSt.com.

Brookfield Properties Corp. already owns 93 office properties, with 26% of the holdings in New York City and 19% in Canada. The trust also has an 820,000-square-foot office building under development in the United Kingdom.

 In a company presentation, the reasons for investing in Australia included that the country is stronger, having not faced much of the recession, as well as its long-term trade with emerging Asian markets. The purchase is funded from available liquidity and from a subordinate bridge acquisition facility.

Ric Clark, president and CEO, said the move builds upon the company’s success in the United States and Canada. “The acquisition is consistent with our strategy of investing in markets driven by financial services, government and resource-energy sector tenants within a country that we believe is poised for strong growth over the short and long term,” he said in a statement.

The new purchases, valued at $3.4 billion, are about 99% leased, and more than 50% are occupied by government and finance firms. The average rent is $46.43, with an average term of about eight years. Properties include the 1.2-million-square-foot Darling Park Complex and 732,000-square-foot E&Y Centre in Sydney, the 1.5-million-square-foot Southern Cross East and West complexes in Melbourne and the 926,000-square-foot City Square project under development in Perth.