BPO Properties Ltd.

BPO Properties Ltd.

September 13, 2005 13:00 ET

BPO Properties Ltd. Renews Normal Course Issuer Bid

TORONTO, ONTARIO--(CCNMatthews - Sept. 13, 2005) - BPO Properties Ltd. (TSX:BPP) announced today that the Toronto Stock Exchange accepted a notice filed by BPO of its intention to renew its existing normal course issuer bid for a further one year period in order to provide liquidity to its shareholders.

The notice provides that BPO may, during the twelve month period commencing September 15, 2005 and ending September 14, 2006, purchase on the Toronto Stock Exchange up to 341,540 common shares, representing approximately 5% of the issued and outstanding common shares of the company. At September 9, 2005, there were 6,830,790 common shares issued and outstanding and 3,097,135 common shares in the public float. In addition, BPO has 21,678,532 non-voting equity shares outstanding. The price to be paid for the shares will be the market price at that time of purchase. The actual number of shares to be purchased and the timing of such purchases will be determined by BPO, and all shares will be purchased on the open market or such other means as approved by the Toronto Stock Exchange. All shares purchased by BPO under this bid will be promptly cancelled.

BPO acquired 25,000 common shares under its existing normal course issuer bid during the past 12 months.

BPO Properties Ltd., 89% owned by Brookfield Properties Corporation, is a Canadian company that invests in real estate, focusing on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of interests in 17 commercial properties and development sites totaling 14.1 million square feet, including landmark properties such as the Exchange Tower, home of the Toronto Stock Exchange and Bankers Hall in Calgary. BPO Properties' common shares trade on the TSX under the symbol BPP.

Note: This press release contains "forward-looking statements" that are based on certain assumptions and reflect the company's current expectations. The words "believe," "expect," "anticipate," "intend," "estimate" and other expressions which are predictions of or indicate future events and trends and which do not relate to historical matters identify forward-looking statements. Reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those set forth in the forward-looking statements include general economic conditions, local real estate conditions, timely re-leasing of occupied square footage upon expiration, interest rates, availability of equity and debt financing and other risks detailed from time to time in the documents filed by the company with the securities regulators in Canada. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • BPO Properties Ltd.
    Melissa Coley
    Vice President, Investor Relations and Communications
    (416) 359-8593