GLOBAL - Brookfield Properties is planning to invest more than $1.4bn (£885m) in 16 offices across Australia held by Brookfield Asset Management and reposition itself into a "global, pure-play office property company".

Ric Clark, president and chief executive of Brookfield Properties, said the company's strategy would position it at the forefront of the global office property scene.

He said: "Expanding internationally to dynamic gateway cities such as Sydney, Melbourne and Perth, Australia, with similar characteristics to our current North American markets, provides great operational synergies."

Brookfield Properties will pay Brookfield Asset Management $1.4bn for an interest in 16 Australian office properties comprising 8m square feet in those three cities.

The properties have a total value of more than $3.4bn.

The deal is expected to close some time in the third quarter.
As part of the repositioning, the company is also looking to divest its US-based residential and housing subsidiary.

Brookfield Properties said it intended to start discussions with Brookfield Homes Corporation regarding the possible merger of these operations with Brookfield Homes.

To reflect the company's new strategic repositioning, Brookfield Properties Corporation will begin operating under the name Brookfield Office Properties.