In an announcement today, Brookfield Asset Management Inc disclosed that the spin-off of Brookfield Property Partners L.P. has been completed.
Brookfield Property or BPY is a newly established company that owns significantly all of the commercial property assets of Brookfield. The spin-off was done through special dividend of shares of BPY to holders of Brookfield's Class A and B limited voting shares as of 26th March 2013. The holders of BPY shares have one unit each for an estimated of 17.42 shares each or an equivalent of an estimated 0.0574 BPY units per share. Brookfield shareholders would own 35,839,414 BPY units or 7.56% of BPY while the remaining 92.44% of BPY is owned by Brookfield. The BPY units started its regular-way trading at the Toronto Stock Exchange and the New York Stock Exchange this morning.
Chief Executive Officer of Brookfield Property Partners and Senior Managing Partner and head of the global property group at Brookfield Asset Management, Ric Clark said "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."
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