COR Cortex Pharmaceuticals,

Brookfield Office Properties Inc. (BPO) is all set to acquire two office towers in Melbourne and Perth, respectively, named Southern Cross West and Bank West Tower for a total consideration of approximately $263 million.

The acquisition will be managed by Brookfield Prime Property Fund, the company’s 73% owned vehicle and will be funded through a combination of available liquidity and debt.

Brookfield’s Melbourne portfolio is 99.7% leased primarily comprising four properties spanning 2.5 million square feet.  Southern Cross West is a 20-storied office tower totaling 495,000 square feet in the central business district of Melbourne.

While, on the other hand, Bank West Tower is a 52-storied commercial tower totaling 423,000 square feet in Perth’s central business district. Brookfield’s Perth portfolio is 100% leased primarily consisting of two properties spanning 1.4 million square feet.

With this transaction, Brookfield will be able to further enhance its established Melbourne and Perth portfolio and generate attractive returns for its investors. Moreover, the acquisition will enable the company to high quality assets in the most dynamic markets.

Based in New York, Brookfield is a publicly owned real estate investment firm. The company owns, develops and manages premier office properties in the United States, Canada and Australia.It also provides ancillary real estate service businesses, such as tenant service and amenities.

The company mainly invests in high growth and high barrier-to-entry markets with its main focus on the creation and sustainability of growing streams of cash flow.

Brookfield currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We are also maintaining our long-term Neutral recommendation on the stock. One of its competitors, Core Site Realty Corporation (COR), currently retains a Zacks #2 Rank, which translates into a short-term Buy rating

Cortex Pharm (AMEX:COR)
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Cortex Pharm (AMEX:COR)
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