Brookfield Consortium consists of BPO Properties, the Canada-based subsidiary of publicly held Brookfield Properties Corp., and its institutional partners, the Canada Pension Plan Investment Board and Arca Investments. The overall deal, for both O&Y Properties and O&Y REIT, is valued at more than $1.67 billion (C$2 billion).

The original transaction was announced in June and called off in July after REIT unitholders voted down the deal. The deal was revived in August and the deal for O&Y Properties closed in October. The change from the original agreement is that the transaction relating to O&Y REIT proceeded by way of a take-over bid instead of an acquisition of assets and redemption of units.

O&Y REIT owns 24 office properties and O&Y Enterprise, a business provides third-party management and leasing services to approximately 35 million sf across Canada. O&Y Properties is a Canadian commercial real estate company with two principal assets: First Canadian Place in Toronto and a 42% ownership interest in O&Y REIT. The combined portfolio of the two companies consists of 25 high-quality office properties totaling 9.7 million sf in six Canada markets, principally Toronto, Calgary and Ottawa.