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Brookfield Asset Management to buy remaining stake in Brookfield Property Partners for $6.5 billion

Christian Fernsby |
Brookfield Asset Management said it reached a $6.5 billion agreement to acquire the shares of Brookfield Property Partners LP it doesn’t already own.

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Topics: BROOKFIELD   

Brookfield Asset Management said Thursday it plans to acquire the minority stake for $18.17 per unit.

Brookfield Property’s board has unanimously approved the deal, according to the statement by the companies.

“We are pleased to have reached agreement with BPY’s independent directors on a transaction we believe is appealing to BPY unitholders in many aspects and allows for greater optionality in how we manage our portfolio of high-quality real estate assets, Nick Goodman, Brookfield Asset Management’s chief financial officer, said.

Brookfield already owns 60% of Brookfield Property Partners, which had a market value of about $17 billion as of Wednesday’s close.

The deal is subject to a vote of public unitholders, and other conditions, and is expected to close in the third quarter of 2021, the company said.


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