Brookfield Asset Management has reached an agreement to acquire the other 50 per cent of its Canadian and Australian facilities management (FM) businesses from Johnson Controls Inc. for approximately US$200 million. The acquisition will facilitate a merger with its wholly owned businesses in the Middle-East and South America as part of a broader plan to create the leading global FM business.
With the termination of its joint venture agreements with Johnson Controls, Brookfield will immediately launch its FM businesses in scale in the United States and Europe, building on client relationships across its 340 million square feet property portfolio.
Cyrus Madon, CEO of Brookfield Capital Partners commented:
“As the largest property owner in the United States, expansion to the U.S. was always natural, but not feasible under our previous agreements.
“The consolidation of our Canadian and Australian businesses is a first step toward our goal of creating a global, industry leader in facilities management. We look forward to providing best-in-class service to our clients.”
Global commercial property owners, Brookfield, will offer FM services to tenants around the world.
In addition to its real estate relationships, Brookfield is one of the world’s largest servicing organisations for executive relocations to Fortune 500 companies and intends to align this service offering for its customers.
As one of the largest global owners and operators of infrastructure assets, Brookfield will also be launching infrastructure related FM services.