Brookfield Property Partners is to acquire the remaining 49% stake in Brookfield Office Properties for around $5bn (£3.1bn).
Brookfield Property Partners owns 49% of the company. If the deal completes, the Bermuda-based company would have assets of around $45bn under management – making it one of the largest property companies in the world.
Today’s offer price values Brookfield Office Properties at $19.34 per share, a 15.3% premium on Friday’s closing price.
The acquisition would create economies of scale and give the benefit of greater office property exposure to existing investors in Brookfield Property Partners, according to a company statement.
Brookfield Office Properties, which is headquartered in Toronto, formed a 50:50 joint venture in July this year with Concord Pacific to develop a 50-storey residential tower at Principal Place, EC2.
sophia.furber@estatesgazette.com
