North American investor Brookfield Properties Corporation has agreed to buy the Reichmann family’s remaining Canadian property holdings for Can$2bn (€1.3bn) including debt.
Brookfield, its Canadian subsidiary BPO Propertiesand a group of institutional investors will pay Can$13 per share for O&Y Properties and Can$15.50 per share for O&Y Real Estate Investment Trust, in which O&Y Properties has a 42% stake. O&Y Properties’ board has recommended the bid and it has support from 45.8% of shareholders. The companies own 25 offices totalling 901,150m² mainly in Toronto, Calgary and Ottawa.
Brookfield is 48% owned by the Brascan corporation, which teamed up with Paul Reichmann last year in a failed bid to buy Canary Wharf.
