In a $5.9bn deal, Brookfield Asset Management intends to take their commercial real estate arm Brookfield Property Partners private.
Brookfield Property currently has around $88bn in assets including office buildings, malls, self-storage facilities and logistics hubs. The ongoing impacts of the Coronavirus pandemic has seen many of the group’s properties fall and in September, the company’s retail arm was cut by around 20 per cent.
Brookfield Asset Management has now made an offer to take Brookfield Property Partners private in a $5.9bn deal, which will see the firm pay $16.50 for each Brookfield share they do not currently own.
Brookfield Asset Management Chief Financial Officer, commented: “The privatisation will allow us to have greater flexibility in operating the portfolio and realising the intrinsic value of BPY’s high quality assets.”
