Brookfield Real Estate Opportunity Fund

Brookfield Real Estate Opportunity Fund

April 12, 2007 13:30 ET

Brookfield Real Estate Opportunity Fund Signs Lease With Fidelity in Lewisville, Texas Office Campus

The City Also Plays Key Role in Attracting New Tenants to Lewisville Office Campus

LEWISVILLE, TEXAS--(CCNMatthews - April 12, 2007) - Brookfield Real Estate Opportunity Fund ("the Fund") announced today that it has signed a lease for 160,000 square feet with Fidelity Investments at Convergence, the Fund's 1.1 million square foot office campus located at Highway 121 (Business) and FM 3040 in Lewisville, Texas.

Acquired by the Fund in November 2006, Convergence is a unique 185 acre office complex located approximately 5 miles north of Dallas-Fort Worth Airport in Lewisville, Texas and home to other leading tenants such as Texas Instruments, GMAC Mortgage Corporation, Overhead Door Corporation and Archon Group.

"We are very pleased to be welcoming Fidelity and its employees to Convergence. We have been working together closely with the City of Lewisville to implement our redevelopment program for this property and make it a highly desirable destination for large corporations and their employees" commented David Arthur, President and Managing Partner of the Fund.

Since the acquisition of Convergence, the Fund has commenced an extensive capital improvements program to enhance the existing buildings, parking, landscaping and property signage and will make other improvements to the site and parking facilities. "The signing of this lease and the addition of Fidelity employees to the Campus is testament to our success in creating a work environment that is accessible, attractive and has amenities to attract and retain key corporations to Lewisville", continued Arthur.

The City of Lewisville is also playing a key role in the redevelopment of Convergence and its ability to attract employers to the area. The City is contributing to significant infrastructure improvements around the site, including new turning lanes into the Campus and the addition of a second entrance along Highway 121, enhancing access for employees to Convergence. This work is expected to be completed by late 2007 or early 2008.

"The City is excited to have a large office tenant select the Convergence campus to make such a significant investment" said Zane Miller, Director of Economic Development for the City of Lewisville. "Our City Council has always been known for its willingness to work with prospective companies and developers to get projects done. This will be a major office project that will have significant positive impacts on southern Denton County." Lewisville is located 18 miles north of downtown Dallas on IH 35 and 5 miles north of Dallas Fort Worth International Airport on State Highway 121.

Fidelity is leasing this space to accommodate previously announced growth and will occupy the building in mid summer.

In this transaction, Fidelity was advised by Phil Puckett, Executive Vice President, CB Richard Ellis, Dallas and Rick Fahey and Sue Donovan of FHO Partners, Boston. Johnny Johnson, Principal and Trey Smith, Senior Vice President of CAPSTAR Commercial Real Estate Services, which leases and manages Convergence, represented the Fund.

Brookfield Real Estate Opportunity Fund, established by Brookfield Asset Management Inc., invests opportunistically in real estate in North America, including commercial office, industrial and mixed-use properties in major North American markets. Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has over $70 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. For more information, please visit our web site at

Note: This press release contains forward-looking information within the meaning of Canadian provincial securities laws and other "forward looking statements", within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. These forward-looking statements include among others, statements with respect to the move of Fidelity into the Fund's Convergence campus and work to be undertaken by the City of Lewisville. Although Brookfield Asset Management believes that the anticipated future results, performance or achievements of the Fund expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Fund to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include: general economic conditions; interest rate changes; availability of financing; and other risks and factors described from time to time in the documents filed by the company with the securities regulators in Canada and the United States including in the Annual Information Form under the heading "Business Environment and Risks." The company undertakes no obligation to publicly update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise.

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