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Brookfield Will Take Property Unit Private for $6.5B

Brookfield Asset Management Inc. (Brookfield) said Thursday it had reached an agreement to take Brookfield Property Partners L.P. (BPY) private in a deal valued at US$6.5 billion. First proposed in January, the deal to acquire all of BPY’s outstanding limited partnership units at US$18.17 per unit represents a 10% premium on the original offer.

The independent members of the board at BPY, Toronto-based Brookfield’s flagship listed real estate company, unanimously approved the transaction. Brookfield said holders of exchangeable limited partnership units of Brookfield Office Property Exchange LP may make the same elections as BPY unitholders.

Brookfield CFO Nick Goodman said the deal “allows for greater optionality in how we manage our portfolio of high-quality real estate assets.” It’s subject to approval by a majority of BPY unitholders and by the Ontario Superior Court of Justice.

BPY had about US$88 billion in total assets as of Dec. 31, Bloomberg News reported.

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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 GlobeSt.com 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).

  • ◦Acquisition