BROOKFIELD OFFERS TO TAKE REAL ESTATE ARM PRIVATE

by MR Magazine Staff Jan 04, 2021
Brookfield Place Holiday Lounge
Brookfield Place

Brookfield Asset Management said Monday it has made an offer to take its commercial real estate arm Brookfield Property Partners private in a $5.9 billion deal.

The Canadian asset-management firm is offering $16.50 for each Brookfield Property share it does not already own.

“The privatization will allow us to have greater flexibility in operating the portfolio and realizing the intrinsic value of BPY’s high-quality assets,” Brookfield Asset Management CFO Nick Goodman said in a statement.

Brookfield Property has roughly $88 billion in assets, including office buildings, malls, self-storage facilities and logistics hubs.

The deal is subject to Brookfield Property board’s approval.