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NEW YORK CITY-Brookfield Properties Corp. is issuing $150 million Canadian of cumulative redeemable preferred shares with a dividend rate of 5.2% to a syndicate of investors lead by Scotia Capital Inc. This is similar to a deal the Brookfield completed with Scotia in October, except that transaction had a dividend rate of 5.75%.

In November, the company named Thomas F. Farley president and COO of Canadian Commercial Operations, where he is responsible for overseeing Brookfield’s 19 million-sf portfolio.

The preferred shares of the current deal are rated Pfd-3 (High) by Dominion Bond Rating Service and P-3 (High) by Standard and Poor’s. Brookfield has extended to the underwriters the option to purchase up to an additional $50 million Canadian of shares at the same offering price until closing, which is expected by the end of the year.

In October, Brookfield completed a Class AAA Series H preference share issue in the amount of $200 million Canadian. The company issued eight million Class AAA Preference Shares, Series H, at a price of $25 Canadian per share to yield 5.75% per annum. And in June, Brookfield completed a previously announced Class AAA Series G preference share issue in the amount of $110 million in US dollars. Brookfield issued 4.4 million Class AAA Preference Shares, Series G, at $25 US per share to yield 5.25% per annum, including 400,000 shares issued on the exercise of an option granted to the underwriting syndicate.

The Brookfield portfolio consists of 47 commercial properties and developmentsites totaling 46 million sf, including landmark properties including the World Financial Center here.

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