BPY Plans to Buy Brookfield Office

Brookfield Property Partners LP said it plans to acquire New York City-based Brookfield Office Properties in a transaction valued at $5 billion. If the deal goes through, the result will be 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.
BPY CEO Ric Clark says the offer represents “an attractive opportunity for BPO shareholders to exchange their common shares for an interest in our flagship global property company and cash.” Further, he says, “We believe this transaction will consolidate our global office properties under one platform and substantially increase Brookfield Property Partners’ public float, which should help accelerate our growth strategy.” BPY estimates the float would become $4 billion after the deal goes through.

on September 30, 2013