Brookfield Homes Corporation
NYSE : BHS

Brookfield Homes Corporation

June 07, 2007 16:30 ET

Brookfield Homes Announces the Formation of a Land Joint Venture With California State Teachers' Retirement System

FAIRFAX, VIRGINIA--(Marketwire - June 7, 2007) - Brookfield Homes Corporation (NYSE:BHS) today announced it has formed a joint venture with California State Teachers' Retirement System (CalSTRS) to entitle and develop land for residential uses, primarily in California. Both Brookfield Homes and CalSTRS will contribute equally up to $400 million of equity to finance the acquisition, entitlement and development of land for sale to residential homebuilders and developers.

Brookfield Homes Corporation

Brookfield Homes Corporation is a residential homebuilder and land developer, building homes and developing land in master-planned communities and infill locations. We design, construct and market single-family and multi-family homes primarily to move-up and luxury homebuyers. We also entitle and develop land for our own communities and sell lots to other homebuilders. Our portfolio includes 27,000 lots owned and controlled in the Northern California; Southland / Los Angeles; San Diego / Riverside; Sacramento; and Washington D.C. Area markets. For more information, visit the Brookfield Homes website at www.brookfieldhomes.com.

California State Teachers Retirement System

The California State Teachers Retirement System is the second largest public pension fund in the United States with a $162.2 billion investment portfolio. It provides retirement, disability and survivor benefits to California's 800,000 public school kindergarten through community college educators and their families.

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