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Stock Market & Financial Investment News

News Breaks
March 20, 2014
08:18 EDTBPY, BPOBrookfield Property says Offerors have taken up 203.6M shares of BPO
Brookfield Property Partners (BPY) and its indirect subsidiaries Brookfield Office Properties Exchange and Brookfield Property Split Corp., collectively with Brookfield Property Partners, the "Offerors", announced that the Offerors have taken up 203,597,640 common shares of Brookfield Office Properties Inc. (BPO) pursuant to their offer to acquire the common shares of BPO for consideration per BPO common share of either 1 limited partnership unit of Brookfield Property Partners or $20.34 in cash, subject in each case to pro-ration based on a maximum number of BPY limited partnership units and maximum cash consideration equating to 67% and 33%, respectively, of the total number of BPO common shares subject to the Offer. Ric Clark, CEO of Brookfield Property Group stated, "Brookfield Property Partners received over 200M shares under its Offer and will take up and pay for those shares. Based on the tender results, BPY will be able to ensure a majority of the minority vote at a shareholders meeting."
News For BPY;BPO From The Last 14 Days
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October 14, 2014
14:20 EDTBPYBrookfield Canada buys east tower of Brookfield Place Calgary development
Brookfield Canada Office Properties (BOXC) announced that it has acquired the east tower of the Brookfield Place Calgary development in downtown Calgary. BOX purchased the property, upon which a 56-storey, 1.4 million-square-foot premier office tower is currently under construction, from parent company Brookfield Property Partners (BPY) based on a value of C$1.025B at stabilization. BPY is selling the asset to BOX on an "as-if-completed-and-stabilized basis" and will retain development obligations including construction, lease-up and financing. At closing, through available liquidity, BOX will pay to BPY C$235M, representing the amount invested and value created to date in the project. BOX will commit to fund an additional C$92M of equity and an additional C$575M funded from a first mortgage construction loan. Additionally, BOX will make a final payment to BPY of C$64M on stabilization for an aggregate total investment of C$966M.

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