Stock Alert: Brookfield Property Jumps 13%

(RTTNews) - Shares of Brookfield Property REIT Inc. (BPYU) are rising more than 13% Thursday morning after the company announced its plan to buy 72.17 million of its LP units from public unitholders for $12 per unit, 17.6% higher than its July 1, closing price of $10.20.

The total value of the Offer is about $890 million. The Company will fund the Offer by drawing on an equity commitment it has received from Brookfield Asset Management Inc. for up to $1 billion.

BPYU stock is currently trading at $11.60. It has traded in the range of $7.15- $20.77 in the past 52 weeks.