Brookfield Asset Management Inc. announced today that its board of directors has set January 14 as the record date for the previously announced spin-off of a newly created publicly-traded partnership named Brookfield Infrastructure Partners LP.

The spin-off will be implemented by way of a special dividend of a 60% interest in Brookfield Infrastructure to holders of Toronoto-based Brookfield’s Class A and Class B limited voting shares as of the record date. Each holder of Brookfield shares on the record date will receive one unit of the partnership for each 25 Brookfield shares held. The special dividend will be subject to applicable withholding tax, and cash will be distributed in lieu of fractional units.

Initially, Brookfield Infrastructure will own interests in five high-quality electricity transmission and timber operations in North America, Chile and Brazil. The firm will serve as the primary vehicle through which Brookfield will own and operate certain global infrastructure assets. It will focus on high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Brookfield Infrastructure will also seek acquisition opportunities where its operations-oriented approach can be deployed to add value.

“We remain focused on enhancing shareholder value and building out each of our operating platforms to enable us to achieve our long-term goals,” said Bruce Flatt, CEO of Brookfield Asset Management, in a release. “The spin-off of Brookfield Infrastructure Partners is another step in this direction, as it will provide investors with an attractive, focused infrastructure vehicle, facilitating access to the capital markets to fund our infrastructure growth plans.”

The partnership’s initial quarterly distribution has been set at 26.5¢ per unit and will be pro-rated for the period between the spin-off and the record date for the distribution. The first distribution will be payable on March 31 to unitholders of record on February 29.

The partnership’s units are scheduled to begin trading on January 31 on the New York Stock Exchange under the ticker symbol BIP.