Brookfield buys mixed-use developer OliverMcMillan

Joining forces with Brookfield Residential, OliverMcMillan will continue to design and build new mixed-use developments. “Our focus on our core operations remains a priority, but we see increasing our position in mixed-use development as a significant opportunity, and [this] reflects our view of some potential shifts in our residential portfolio,” Brookfield Residential President and COO Adrian Foley said in a press release.

“This strategic acquisition supports our belief that the increased focus on urban intensification taking place in many of our North American markets, alongside some of the disruptions in the retail sector, will create a significant pipeline of redevelopment opportunities over the next few years," he said. "The acquisition of OliverMcMillan provides us with the investment in some incredible mixed-use development opportunities and the skill sets to supplement our existing talented group at Brookfield Residential. We see the role of developing place-making retail, office and residential product as a key attribute to creating great places to call home. OliverMcMillan will help us execute that vision.”

Brookfield Residential is the North American residential property company of Brookfield Asset Management. OliverMcMillan will continue to manage its own existing real estate assets.

OliverMcMillan acquires, designs, develops, manages and leases mixed-use and stand-alone real estate properties in major metropolitan growth markets across the U.S. and Canada. Investments begin with ground-up assets that are transformed into retail, entertainment, dining, office, medical, residential and hotel environments.