Mergers and Acquisitions
Brookfield Property Partners, which spun off from Brookfield Asset Management earlier this year, has offered to buy the remaining shares of Brookfield Office Properties it does not already own in a transaction valued by the company at $5 billion.
In the planned tender offer, BPO shareholders would receive $19.34 per share–a 15 percent premium on the stock’s price at Friday’s market close and a 17 percent premium to the 30-day volume-weighted average price. Shares in BPO traded up over 16 percent to $19.54 in early morning trading on the New York Stock Exchange.
A newly created company, Brookfield Property Partners, has completed its spinoff from Brookfield Asset Management, it was announced yesterday. The new company owns substantially all of Brookfield’s commercial real estate assets across the company’s global portfolio.
“Brookfield Property Partners public listing opens an exciting new chapter in the growth of a leading global commercial property company, with the scale and expertise needed to deliver superior long term performance,” said Ric Clark, chief executive officer at Brookfield Property Partners, in a prepared statement.
What's in a Name?
Dear Google, please refresh your cache: the city’s largest residential brokerage has dropped “Prudential” from its name.
The former Prudential Douglas Elliman returned to its roots as Douglas Elliman last month after it was reportedly unable to strike a new licensing agreement for the name “Prudential.”
The Douglas Elliman name, originated along with the firm in 1911, has been adopted by all of the company’s businesses, including its commercial real estate arm, and the firm redistributed a statement today saying so, perhaps as a rebuttal to multiple media failings to follow suit on the change.
Kerzner International, a resort operator based in the Bahamas, underwent a restructuring last week that has paved the way for the transfer of its Atlantis resort in the Bahamas to creditors. New York-based Arcturus Group advised two hedge funds in the settlement. Canyon Capital, based in Los Angeles, and Trilogy Capital, based in Greenwich, Conn., together held roughly $120 million in B-notes that were secured by the resort.