Brookfield Property Partners (BPY) unitholders have approved the previously announced the acquisition of all of the limited partnership units of BPY by Brookfield Asset Management (BAM).
Approximately 99.06% of the votes cast by all BPY unitholders, and 97.79% of votes cast by minority BPY unitholders, were voted in favour of the transaction.
”As previously announced, in connection with the transaction and subject to pro-ration, BPY unitholders have the ability to elect to receive, per BPY unit, $18.17 in cash, 0.4006 of a BAM class A limited voting share, or 0.7268 of a BPY preferred unit with a liquidation preference of $25.00 per unit and a fixed distribution rate of 6.25% per annum, or $0.390625 per quarter,” said BPY in a press release.
Registered unitholders have until 5:00 pm ET on July 20, 2021 to make their decision.
It is expected that the closing of the transaction will occur before the end of July 2021.
Brookfield Property Partners, through Brookfield Property Partners L.P. and its subsidiary Brookfield Property REIT Inc., is one of the world’s premier real estate companies, with approximately $88 billion in total assets.
