HAMILTON, BERMUDA—The ink has dried on Brookfield Property Partners' acquisition of Brookfield Office Properties. First announced this past September, the deal has been valued at about $5 billion and creates one of the world's largest CRE companies, with $45 billion of assets and ownership of more than 330 million square feet of office, industrial, multifamily and retail across four continents.
When the plan to acquire the 49% of BPO that BPY didn't already own was first made public, BPO CEO Ric Clark said it would “consolidate our global office properties under one platform and substantially increase Brookfield Property Partners' public float, which should help accelerate our growth strategy.” Further, he said it represented “an attractive opportunity for BPO shareholders to exchange their common shares for an interest in our flagship global property company and cash.”
In the final phase of the acquisition, which began in late April, BPO shareholders were able to receive either one limited partnership unit of BPY or $20.34 in cash for each BPO common share held. Of the remaining 38,183,084 BPO common shares, representing 7.5% of the total, 29,547,297 were tendered for cash and 8,635,787 were tendered for limited partnership units.
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