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GlobeSt.com UPDATE: O&Y REIT Sale Closing Today

TORONTO- The transaction is the second part of a $1.67-billion buyout that was announced in June, voted down in July and reborn in August. The first part of the deal closed in October.

By Brian K. Miller | Updated on November 29, 2005

TORONTO-A little more than a month after it closed on the acquisition of O&Y Properties, the Brookfield Consortium today will close on its acquisition of O&Y REIT for C$16.25 per unit. Concurrent with the closing, O&Y REIT will be delisted by the Toronto Stock Exchange.

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.

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