Brookfield Property Partners has upped its cash offer to buy Mitch Rudin-led Brookfield Office Properties — Lower Manhattan’s largest office landlord — to roughly $5.1 billion.
Brookfield Office’s board plans to advise the shareholders to accept this new offer, which increases the cash portion by $1 per share to $20.34 per share. In place of cash, shareholders can receive one limited partnership unit under the offer. In September, Brookfield Property’s offer was valued at $5 billion.
Brookfield Property, a global property firm based in Bermuda, currently owns 51 percent of the firm. If the deal goes through, the combined firm would have an asset portfolio valued at an estimated $45 billion.
The prospective buyer plans to make a formal offer early next year and finish the buyout by summer. [Bloomberg News] — Mark Maurer