Brookfield S Wynyard Place Receives NSW Cabinet Approval

SYDNEY, 1 June 2016 – Brookfield Property Partners L. P. (“Brookfield”) (NYSE: BPY; TSX: BPY.UN), on behalf of its institutional partners, has today received approval from NSW Cabinet for Wynyard Place.

The Cabinet decision paves the way for the start of works later this year to deliver a dynamic new gateway to Sydney’s central business district.

The Wynyard precinct will be transformed into a world class commercial and retail centre with the $1 billion project scheduled to be completed by 2020. The centerpiece is a 27 level state-of-the-art office tower at 10 Carrington Street, with the development including restoration of the adjoining historic Shell House and 285 George Street.

Wynyard Station’s George Street entrance will also be upgraded, connecting to a grand transit hall and public concourse flanked by high end retail.

Head of Development, Brookfield Property Partners – Australian Office Division, Carl Schibrowski, said Wynyard Place is an exceptional project which will deliver significant amenities to Sydney’s CBD.

“This will be a dynamic and attractive environment for people to come together to work, shop, meet and relax. It also demonstrates Brookfield’s commitment to sustainability with the new office tower having market leading environmental credentials,” Mr Schibrowski said.

The development has achieved a coveted 6 Star Green Star- Office Design v3 rating and is targeting a 5.5 Star NABERS Energy rating.

NSW Premier Mike Baird said the development of Wynyard Place was an endorsement of the Government’s commitment to making Sydney a vibrant global city and a magnet for investment and jobs.

“The creation of over 3,000 jobs during the construction phase alone builds on NSW’s leadership in jobs growth and economic development,” he said.

The project will consolidate four properties immediately adjacent to Wynyard Station into one unified centre including a 27 floor office tower, 7,000 sqm of high end retail space over four levels and basement parking.

The commercial tower at 10 Carrington will have 59,000 sqm of Premium Grade office space with world-class facilities, amenities and finishes which will set a new standard in workplace design offering major commercial tenants forward-focused office accommodation in the heart of Sydney’s central business district. The tower maximises natural light access and provides efficient floor plates of up to 2,500 sqm which are easily adaptable to suit the needs of diverse businesses and working styles.

The restoration of Shell House and 285 George Street will see both heritage properties returned to their original use as prestigious office buildings and create another 9,400 sqm of boutique office space.

Wynyard Place was designed by leading international architectural firm Make, in collaboration with Sydney-based Architectus.

The development has been designed to integrate with Sydney’s $2.2 billion light rail project with the transit hall linking with the City of Sydney’s pedestrian walkway and light rail project on George Street.

The redeveloped transit hall will provide excellent connectivity for Wynyard Station, light rail, bus,taxi and pedestrian networks with a world class concourse that will link more than 100,000 commuters daily into and out of the centre of the city.

About Wynyard Place

Brookfield’s development of Wynyard Place is transforming Wynyard into a world-class urban precinct in the heart of Sydney’s CBD.

The project’s centrepiece is a 27-level premium grade commercial tower with a total net leasable area of approximately 59,000 sqm, offering world-class facilities, amenities and finishes, to set a new standard in workplace design. The development will also include the restoration of Shell House and 285 George Street, breathing new life into an historic Sydney landmark and creating 9,400 sqm of boutique office space. In addition, 7,000 sqm of high end retail, a revitalised Wynyard Lane and a major upgrade to Wynyard Station’s George Street entrance connecting to a grand transit hall and public concourse.

About Brookfield

Brookfield Property Partners is one of the world’s largest commercial real estate companies, with over $65 billion in total assets. We are leading owners, operators and investors in commercial property assets, with a diversified portfolio that includes over 150 premier office properties and over 120 best-in-class retail malls around the world. We also hold interests in multifamily, triple net lease, industrial, hospitality, and self-storage assets. Brookfield Property Partners is listed on the New York and Toronto stock exchanges. Further information is available at www.brookfieldpropertypartners.com.

Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with approximately $240 billion in assets under management.

Media contact:

Kerrie Muskens
Head of Marketing and Communications
Brookfield
Ph: +61 2 9322 2753 or +61 410 535250

Forward Looking Statements

This announcement may contain forward-looking statements, including statements about the development of Wynyard Place, anticipated benefits of the proposed development and other matters that are not historical facts. You can identify these forward- looking statements by the use of words such as “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “targets,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words orother comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Brookfield does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.