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Brookfield Asset Management - CEO, Bruce Flatt.
CEO, Bruce Flatt.
Source: Forbes.
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  • Brookfield Property Partners (BPY.UN) has approved a privatization transaction initiated by Brookfield Asset Management (BAM)
  • BPY unitholders may receive cash, BAM class A shares or BPY preferred units pursuant to the transaction
  • Registered unitholders have until 5:00 pm ET on July 20, 2021 to make their decision
  • The companies expect the transaction to close prior to the end of July 2021
  • Brookfield Property Partners is one of the world’s premier real estate companies with approximately $88 billion in total assets
  • Brookfield Property Partners (BPY.UN) closed down 0.71 per cent trading at $23.75 per share

Brookfield Property Partners (BPY.UN) has approved a privatization transaction initiated by Brookfield Asset Management (BAM).

Approximately 99.06 per cent of votes cast by BPY unitholders, and 97.79 per cent of votes cast by minority BPY unitholders, were in favour of the transaction.

On a per-unit basis, BPY unitholders may receive $18.17 in cash, 0.4006 of a BAM class A limited voting share, or 0.7268 of a BPY preferred unit with a liquidation preference of $25 and a fixed distribution of 6.25 per cent per annum ($0.390625 per quarter).

Registered unitholders have until 5:00 pm ET on July 20, 2021 to make their decision.

The companies expect the transaction to close prior to the end of July 2021.

Brookfield Property Partners is one of the world’s premier real estate companies with approximately $88 billion in total assets.

Brookfield Property Partners (BPY.UN) closed down 0.71 per cent trading at $23.75 per share.

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