BAM - Why Brookfield Property Partners and Brookfield Property REIT Rocketed Higher at the Open Today
Shares of Brookfield Property Partners (NASDAQ: BPY) rose nearly 19% out of the gate on Jan. 4. The real estate investment trust (REIT) structured shares of the same entity, known as Brookfield Property REIT (NASDAQ: BPYU) , jumped about 15%. Both moves were directly related to an announcement from Canada's Brookfield Asset Management (NYSE: BAM) , which effectively runs both the partnership and the REIT.
Brookfield Asset Management has offered to take Brookfield Property private, buying the shares it doesn't already own for total consideration of $5.9 billion. Unitholders can elect to receive a combination of Brookfield Asset Management stock (0.4 shares), cash, or preferred shares. The total per-share value of the deal is $16.50.
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Why Brookfield Property Partners and Brookfield Property REIT Rocketed Higher at the Open Today