Brookfield board boosts annual dividend 40%

Article Abstract:

Brookfield Properties Corp.'s board of directors has bolstered the real estate firm's annual dividend by 40%, to C$0.28. The move is spurred by considerable optimism in the company, after it reported a 60% increase in cash flow to reach C$74 million or C$0.42 per share, as well as a 73% rise in profits to reach C$52 million or C$0.42 per share, in the third quarter ending September 30, 1998. Company CEO and chairman Gordon Arnell attributed the encouraging results to the fact that 96% of the Brookfield Properties' office portfolio is elased, rents have been rising, and new space is easily coming on to the market.

Comment:

Board of directors has bolstered the real estate firm's annual dividend by 40%, to C$0.28

Sales, profits & dividends, Real Estate Management, Activities Related to Real Estate, Brookfield Properties Corp.

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O&Y boosts stake in First Canadian Place

Article Abstract:

O&Y Properties Corp. has acquired 149,000 units at $26.75 each in First Canadian Place, boosting its stake in the property to just under 30%. The company paid a total of C$4-million for the new units bought. According to analysts, the company has every intention of fully owning the property although it stopped at having only 30%-ownership of the property to avoid triggering a poison pill. Analysts at HSBC James Capel Canada Inc. believe that the company will soon take over the property and replace existing debt of C$143-million with a first mortgage of C$300-million.

Comment:

Has acquired 149,000 units at $26.75 each in First Canadian Place, boosting its stake in the property to just under 30%

Acquisitions & mergers, Facilities & equipment, Real Estate Agents, Brokers, Managers, Real Estate, Real estate agents, O&Y Properties Corp.

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