Brookfield Asset Management completes privatization of Brookfield Property partners
CALGARY _ Brookfield Asset Management Inc. says it has closed a deal to acquire the remaining stake in Brookfield Property Partners.
The previously announced deal to buy the stake in the firm it already owns will also take the real estate firm private.
Under the deal, unitholders have a choice of US$18.17 in cash, 0.4006 of a Brookfield Asset Management class-A limited voting share or 0.7268 of a BPY preferred unit, with limits for each category.
Brookfield Property REIT Inc. says it is redeeming all of its outstanding 6.375% Series A cumulative redeemable preferred stock on Aug. 19 for $25 per share cash, plus all accumulated and unpaid dividends for total proceeds of more than $25.21.
The agreement was overwhelmingly approved on July 16 by Brookfield Property Partners minority unitholders.
Brookfield Property Partners owns or operates a wide variety of properties. including office buildings, shopping malls and other properties across the world.
This report by The Canadian Press was first published July 26, 2021.