07.14
BAM is selling its remaining Canadian renewable power assets to 50%-
owned Great Lakes Hydro Income Fund for C$945 mln, further increasing its
liquidity and providing funds for acquisitions to take advantage of very
attractive commercial property investment markets.
Proforma the sale, which will provide C$365 mln in cash, BAM will have total
liquidity of $2.7 bln at the parent company ($3.9 bln. incl. subsidiaries),
giving it the financial flexibility to both weather the credit crunch and
purchase commercial property assets on attractive terms.
BAM, with its pension fund and other investment partners, intends to
capitalize on what it perceives to be historic opportunities to invest in highquality
shopping centre and office properties, particularly in the U.S. and
the U.K. Significant transactions appear likely to occur in 2009-2010.
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