Brascan Completes Acquisition of MB Engenharia S.A., Revises 2008 Guidance Accordingly and Provides 2009 Guidance for the First Time

RIO DE JANEIRO, Brazil, April 17 /PRNewswire-FirstCall/ -- Brascan Residential Properties S.A. ("Brascan") (Bovespa: BISA3), one of the largest integrated developers in Brazil, announced today the completion of its previously announced acquisition of 100% of the share capital of MB Engenharia S.A. ("MB"). The acquisition price was R$164 million plus additional contingent consideration based on an earn-out formula, payable R$40 million in cash and the balance in 2011.

BRP expects that the acquisition will be immediately accretive to its results. The company is revising its 2008 guidance in light of this acquisition and is now anticipating projected 2008 launchings of R$ 1.6 to R$ 1.8 billion and contracted sales of R$ 1.15 to R$ 1.35 billion.

The company is also providing guidance for 2009 for the first time. It expects 2009 launchings to reach R$ 2.2 to R$ 2.5 billion and contracted sales of R$ 1.7 to R$ 2.0 billion.

Prior to closing, the company together with its auditors, legal advisors and appraisers performed a comprehensive due diligence process examining accounting, taxes, corporate, real estate, labor, brand and environmental matters with satisfactory results.

To access the full version of the document access our website at www.brascanresidential.com.br/ri .

Upcoming Events:

Conference Call (English)

Date: April 18, 2008
Time: 9 a.m. (EDT)
10 a.m. (Brasilia Time)
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Speakers:
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Source: Brascan Residential Properties S.A.

CONTACT: IR Contact, Horacio Piedras - Investor Relations Manager,
+55 (21) 3823-7520, ri@brascan.com.br

Web site: http://www.brascanresidential.com.br/ri

2008-04-17 22:12:07 0339314 PRNEWSWIRE