Brascan Corporation

Brascan Corporation

March 11, 2005 12:29 ET

Brascan Acquires Canary Wharf Office Property


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BRASCAN CORPORATION

TSX, NYSE SYMBOL: BNN

MARCH 11, 2005 - 12:29 ET

Brascan Acquires Canary Wharf Office Property

TORONTO, ONTARIO--(CCNMatthews - March 11, 2005) - Brascan Corporation
(TSX:BNN)(NYSE:BNN) today announced that it has acquired a controlling
interest in 20 Canada Square, a high quality office property on the
Canary Wharf Estate in London, U.K. for Pounds Sterling 337.5 million
(US$624 million). The property was acquired in partnership with Barclays
Capital.

Gordon Arnell, Chairman of Brascan International stated that, "we are
pleased to be purchasing 20 Canada Square. We look forward to continuing
to enhance our office presence in London and build on our relationship
with Canary Wharf Group and Songbird Estates."

20 Canada Square is one of 28 office properties within the Canary Wharf
Estate, a 97 acre office property complex in East London, in which
Brascan owns a 17% interest. It is a 12 storey, 555,000 square foot,
state of the art office property within the Estate, connected to retail
at ground and promenade levels, with major tenants, The McGraw-Hill
Companies and British Petroleum's Integrated Supply and Trading Division.

The transaction was completed by a wholly owned subsidiary of Brascan
and a subsidiary controlled by Barclays Bank PLC.

Brascan Corporation is an asset management company. With a focus on
property, power and infrastructure assets, the company has direct
investments of $20 billion and a further $7 billion of assets under
management. This includes 70 premier office properties and over 120
power generating plants. The company is listed on the New York and
Toronto stock exchanges under the symbol BNN. For more information,
please visit our web site at www.brascancorp.com

Note: This press release may contain "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended. 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 forward in the forward looking
statements include general economic conditions, interest rates,
availability of equity and debt financing and other risks detailed from
time to time in the company's 40-F filed with the Securities and
Exchange Commission. 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.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Brascan Corporation
    Katherine C. Vyse
    SVP, Investor Relations and Communications
    416-369-8246
    kvyse@brascancorp.com