ROOTS WITH BUILDING OF MONTREAL FORUM: 1923
In January 1924 Donat and his partners formed the Canadian Arena Company Limited, Brookfield’s predecessor, with Donat serving as president.
The Montreal Forum was completed just 159 days later and ready for use when the NHL began its new season in late November 1924.
In 1957 the Canadian Arena Company was acquired by Hartland Molson, owner of Molson Breweries of Canada Ltd.
The company’s primary business remained the management of the Canadiens and the Forum, which underwent a major renovation in 1968.
Because of changes in Canada’s tax laws, the Molson family decided to sell the Canadian Arena Company in 1971 to Placements Rondelle Ltée, owned by brothers Peter and Edward Bronfman.
ACQUISITION OF TRIZEC: 1976
What became Brookfield Properties began to take shape with the 1976 acquisition of a 52 percent controlling interest in Toronto developer Trizec by the Carena Properties subsidiary.
Carena took a major step in 1989 when it acquired one-third of Olympia & York Developments Ltd., which had built the World Financial Center in New York City adjacent to the World Trade Center, but was unable to cope with the collapse of the office market.
In 1990 Carena acquired a half-interest in BCE Inc., which had seven million square feet of office space in office properties in Toronto, Denver, and Minneapolis.
Interests in other properties in Calgary and Toronto were also acquired in 1996, giving Brookfield 16 Class A downtown office properties in Boston, Calgary, Denver, Minneapolis, New York, and Toronto.
Brookfield added another seven million square feet of office properties in 1997, primarily through the acquisition of a 45 percent interest in Gentra, Inc., which owned three buildings in Toronto.
The company’s residential home building unit also enjoyed strong growth, and as a result revenues increased to CAD 1.5 billion in 1997 and net income soared to CAD 109 million.
In 1998 World Financial Properties was renamed Brookfield Financial Properties.
To focus on its core premium office property business, Brookfield spun off Brookfield Homes in 2003.
In 2005 it acquired a quarter-interest in O&Y Properties and O&Y REIT, whose portfolio included premiere office properties in Calgary, Edmonton, Toronto, and Ottawa, a new market for the firm.
"Brookfield Properties Corporation ." International Directory of Company Histories. . Retrieved April 16, 2021 from Encyclopedia.com: https://www.encyclopedia.com/books/politics-and-business-magazines/brookfield-properties-corporation
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