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Canadian Brookfield Asset Management Inc said on Monday that it had offered to privatize its commercial real estate arm Brookfield Property Partners LP in a $ 5.9 billion deal.
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Brookfield Asset Management has said it will offer $ 16.50 for each share of Brookfield Property that it does not yet own, a 14% premium until the close of Thursday.
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The shares of Brookfield Property Partners, which operates from everything from offices, shopping malls and logistics properties worldwide, increased 15% in the pre-market.
“Privatization will allow us to have greater flexibility to operate the portfolio and realize the intrinsic value of BPY’s high quality assets,” said Brookfield Asset Management Chief Financial Officer Nick Goodman in a statement.
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The deal is subject to approval by the Brookfield Property board.