Brookfield Asset Management has proposed a $5.9bn (£4.7bn) take-private deal for all of the shares in Brookfield Property Partners that it does not already own.
As part of the asset manager’s proposals, BPY limited partnership unitholders could choose to receive $16.50 in cash, 0.4 Brookfield Class A shares or 0.66 of BPY preferred units with a liquidation preference of $25 per unit.
BPY stated that its board has set up a committee of independent directors to review and consider the proposal.
Once valuation has been decided, BAM will seek to draw up an agreement with BPY.
Nick Goodman, chief financial officer of BAM, said the privatisation would enable “greater flexibility in operating the portfolio” as well as realise “the intrinsic value of BPY’s high-quality assets”.
The asset manager has around $575bn AUM and is listed on the New York and Toronto stock exchanges.
To send feedback, e-mail pui-guan.man@egi.co.uk or tweet @PuiGuanM or @estatesgazette
