Beginning May 10, Toronto-based TZH will be allowed to purchase the shares for the next 12 months at market rates. The firm has also set up a put writing program that will allow it to write put options in favor of an investment dealer giving the dealer the right to require TZH to repurchase shares at a negotiated strike price. During the last year, the firm has purchased 9,769,657 shares in the open market at an average price of $15.87.

"TrizecHahn believes that the value of its underlying assets and growth prospects is not fully reflected in its share prices and that a share buy back at these process levels would be an excellent use of our capital," says president and CEO Christopher Mackenzie.

The company recently announced that it was raising $1.44 billion through a private offering, the proceeds to be used to repay secured indebtedness.