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Brookfield Offers to Take BPY Private for $5.9B

Brookfield Asset Management and institutional partners have offered to take Brookfield Property Partners (BPY) private in a deal valued at $5.9 billion. The asset manager would acquire all of the limited partnership units of BPY, its flagship listed real estate company, at $16.50 per BPY unit.

Nick Goodman, CFO of Brookfield, stated, “The privatization will allow us to have greater flexibility in operating the portfolio and realizing the intrinsic value of BPY’s high-quality assets.” 

BPY has roughly $88 billion in assets, including office buildings, malls, self-storage facilities and logistics hubs. CNBC reported that due to the effects of the COVID-19 pandemic, the value of many of BPY’s properties has fallen, with retail and office seen as especially risky bets. BPY’s shares are trading on Nasdaq at about 20% below a year ago, reported CNBC.

BPY said Monday that it had formed a special committee to study Brookfield’s proposal.

Pictured: Brookfield Place in Lower Manhattan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Financing
  • ◦Sale/Acquisition
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