NEW YORK — Brookfield Property Partners is offering to buy Brookfield Office Properties for about $5 billion in cash and stock.
Brookfield Property, which already owns 51 percent of Toronto-based Brookfield Office and says the deal would make it one of the biggest global commercial real estate companies in the world. Bermuda-based Brookfield Property estimates it would have about $45 billion of total assets if the deal goes through.
The offer values Brookfield Office Properties at $19.34 per share, a 15.3-percent premium from Friday’s closing price. Brookfield Office unit holders can get one unit of Brookfield Property Partners or $19.34 per share in cash for every Brookfield Office Properties unit they own. Brookfield Property said it will pay up to $1.7 billion of the total in stock.
In downtown Denver, Brookfield Office manages 3.1 million square feet of space at Republic Plaza and 1801 California St., according to the firm’s website.
Shares of Brookfield Office rose $2.78, or 16.6 percent, to $19.55 shortly after the opening bell. Brookfield Property Partners LP shares added 21 cents $19.55.
Brookfield Property Partners said the deal will improve the trading liquidity of its units, giving it greater access to capital markets.
