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CALGARY, CANADA-Brookfield Properties Corp., based in New York City, is unloading its residential land and housing division into Fairfax, VA-based Brookfield Homes Corp, to create Brookfield Residential Properties Inc. The new firm, will have $2.5 billion in assets and an equity value of $1 billion.

According to a spokesperson the new firm will be headquartered in Calgary, and is seeking to list on both the Toronto and New York stock exchanges. This merger has been in negotiation for some time, as Brookfield Properties Corp. moves to focus more on office properties.

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