Brookfield seeks full control of Brookfield Residential Properties for $871 mln

Canadian alternative assets manager Brookfield Asset Management has agreed to buy the 30.6 percent of common shares of Brookfield Residential Properties Inc (TSX, NYSE: BRP) that it does not already own. The transaction, which is expected to be completed early next year, provides a total consideration to minority shareholders of Brookfield Residential of around US$871 million. The company's board of directors has recommended the deal to shareholders, who will vote on it on March 10, 2015. Based in Calgary, Brookfield Residential is a land developer and homebuilder with operations in eleven North American markets.

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