Brookfield Realty Cancels $500M IPO

Law360, New York (April 18, 2012, 6:15 PM EDT) -- Brookfield Realty Capital Corp. on Wednesday filed to withdraw its $500 million initial public offering, blaming bad market conditions for finally stalling out its two-year-old plans.

Yanking the IPO bid is in investors' best interest, according to a short U.S. Securities and Exchange Commission filing signed by Brookfield Asset Management Inc. President and CEO William Powell.

Powell, whose investment firm spun out from the real estate investment trust and ponied up nearly $2 million in administrative costs related to its IPO, did not elaborate. A Brookfield...
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