Brookfield Asset Management Inc. has reached an agreement to acquire the other 50 percent of its Canadian and Australian facilities management businesses from Johnson Controls Inc. for about US$200 million. ‘This acquisition will facilitate a merger with its wholly owned businesses in the Middle-East and South America as part of a broader plan to create the leading global facilities management business,’ said a 23 January press release.
With its joint venture agreements with Johnson Controls terminated, ‘Brookfield will immediately launch its facilities management businesses in scale in the United States and Europe, building on client relationships across its 340 million square feet (31.6 million sq m) property portfolio.’
“As the largest property owner in the United States, expansion to the US was always natural, but not feasible under our previous agreements,” stated Cyrus Madon, CEO of Brookfield Capital Partners.
Brookfield, one of the world’s leading commercial property owners, will offer facilities management services to tenants around the globe. In addition to its real estate relationships, Brookfield is one of the world’s largest servicing organisations for executive relocations to Fortune 500 companies and intends to align this service offering for its customers. As one of the largest global owners and operators of infrastructure assets, Brookfield will also launch infrastructure related facilities management services.
“The consolidation of our Canadian and Australian businesses is a first step toward our goal of creating a global, industry leader in facilities management. We look forward to providing best-in-class service to our clients,” said Madon.