Brookfield Spun

By Alison Rice. Brookfield Properties Corp. is getting out of the U.S. home building business. Effective Dec. 31, 2002, the American operations of Brookfield Homes will be spun off from its parent company through a special distribution to shareholders. The transaction, with an estimated equity value of $322 million, will establish Brookfield Homes Corp. as a separate public company, which is expected to apply for a New York Stock Exchange listing under the symbol BHC.