Brookfield's public offering brings in $1.04 billion

Brookfield Properties prepares to start shopping the commercial real estate market for bargain-priced properties with potential for turnaround after raising $1.04 billion from the sale of 109.3 million shares priced at $9.50 each. At the same time, the firm's parent company, Brookfield Asset Management Inc., announced the launch of a $1 billion investor group to buy equity and debt interests in underperforming real estate companies and assets. A portion of the capital to be used by the group headed by Brookfield Asset Management is coming from institutional investors, Brookfield said.

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