Brookfield Property Begins Exchange Offer For Brookfield Office Properties

(RTTNews) - Brookfield Property Partners L.P. or BPY (BPY_UN.TO, BPY) announced the commencement of its exchange offer to buy any or all common shares of Brookfield Office Properties Inc. (BPO, BPO.TO) that it does not own currently. Pursuant to this, each BPO shareholder can elect to receive consideration per BPO common share of either 1.0 limited partnership unit of Brookfield Property Partners or $20.34 cash, subject in each case to pro-ration based on a maximum number of BPY limited partnership units and maximum cash consideration equating to 67% and 33%, respectively, of the total number of BPO common shares subject to the Offer. BPO shareholders who get limited partnership units should be able to do so on a tax-deferred basis, the company added.

Ric Clark, Chief Executive of Brookfield Property Group, said: "The combination of BPO and BPY will create one of the largest, most globally-diversified commercial property companies. Going forward, we will seek to leverage Brookfield's global presence to originate investment opportunities in the sectors and geographies that offer the highest risk-adjusted returns, creating value for our unitholders."

The offer would expire on March 19, 2014 at 11:59 p.m. (local time), unless it is extended.