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Brookfield Asset Management To Buy Brookfield Property Partners - Quick Facts

Brookfield Asset Management Inc. (BAM, BAM_A.TO) agreed to acquire all of the limited partnership units of Brookfield Property Partners L.P. (BPY, BPY_U.TO) at a value of $18.17 per BPY unit to be completed by way of an Ontario court-approved plan of arrangement. It represents total consideration of $6.5 billion payable to the unitholders of BPY other than Brookfield and its affiliates.

BPY unitholders will have the ability to elect to receive, per BPY unit, $18.17 in cash, 0.3979 of a Brookfield class A limited voting share, or 0.7268 of a BPY preferred unit with a liquidation preference of $25.00 per unit. Pro-ration will be based on a maximum cash consideration of about 50% of the total value of the BPY units , a maximum amount of Brookfield Shares equal to about 42% of the total value of the BPY units, and a maximum amount of BPY preferred units with a liquidation value of about 8% of the total value of the BPY units.

The deal is expected to close in the third quarter of 2021.

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