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