TORONTO — Brookfield Property Partners LP says unitholders have voted to approve a deal that will see Brookfield Asset Management Inc. acquire the stake in the firm it does not already own and take the real estate firm private.
The agreement was supported by 99.06 per cent of all the votes cast and 97.79 per cent of the votes cast by Brookfield Property Partners' minority unitholders.
Under the deal, unitholders have a choice of US$18.17 in cash, 0.4006 of a Brookfield Asset Management class-A limited voting share or 0.7268 of a BPY preferred unit with limits for each category.
Brookfield Property Partners owns or operates a wide variety of properties including office buildings, shopping malls and other properties across the world.
The deal is still subject to certain other closing conditions, including a final court order.
It is expected to close by the end of July.
This report by The Canadian Press was first published July 16, 2021.
Companies in this story: (TSX:BPY.UN, TSX:BAM.A)
The Canadian Press
