Brookfield Property seeks to buy Brookfield Office
NEW YORK (AP) — Brookfield Property Partners is offering to buy Brookfield Office Properties for about $5 billion in cash and stock.
Brookfield Property owns 51 percent of Brookfield Office and says the deal would make it one of the biggest global commercial real estate companies in the world. The Bermuda-based company estimates it would have about $45 billion in total assets.
The deal values Brookfield Office Properties at $19.34 per share, a 15.3-percent premium from Friday's closing price. Brookfield Office unit holders can get 1 unit of Brookfield Property Partners or $19.34 per share in cash for every Brookfield Office Properties unit they own.
Shares of Brookfield Office Properties closed at $16.77 Friday and rose $2.80, or 16.7 percent, to $19.56 in premarket trading. Brookfield Property Partners LP shares closed Friday at $19.34.