Brookfield Asset Management's senior managing partner and CEO Bruce Flatt attends the company's AGM in Toronto on Wednesday, May 6, 2015. THE CANADIAN PRESS/Chris Young
July 21, 2021 - 8:00 AM
TORONTO - Brookfield Asset Management Inc. says a deal to acquire the remaining stake in Brookfield Property Partners L.P. will close on Monday after an Ontario court approved the transaction.
The deal to buy the stake in the firm it doesn't already own will also take the real estate firm private.
Brookfield Property REIT Inc. says it is redeeming all of its outstanding 6.375% Series A cumulative redeemable preferred stock on Aug. 19 for $25 per share cash, plus all accumulated and unpaid dividends for total proceeds of more than $25.21.
The agreement was overwhelmingly approved Friday by Brookfield Property Partners minority unitholders.
Under the deal, unitholders have a choice of US$18.17 in cash, 0.4006 of a Brookfield Asset Management class-A limited voting share or 0.7268 of a BPY preferred unit with limits for each category.
Brookfield Property Partners owns or operates a wide variety of properties including office buildings, shopping malls and other properties across the world.
This report by The Canadian Press was first published July 21, 2021.
Companies in this story: (TSX:BPY.UN, TSX:BAM.A)
News from © The Canadian Press, 2021