All dollar references are in Canadian dollars unless noted otherwise.
Our proposal provides BOX unitholders with an attractive all-cash offer at a significant premium to recent public market pricing, said Brian Kingston, CEO of Brookfield Property Group. The acquisition of the remaining interest in BOX will allow BPY to fully integrate its North American office operations and further simplifies our structure.
Unitholders holding approximately 3.65 million units of BOX, representing approximately 23% of the unaffiliated BOX units, including Morgan Stanley Investment Management, who holds approximately 1.5 million units of BOX on behalf of certain client accounts, support the proposal and have agreed, subject to certain conditions, to vote the units of BOX they still hold at the time an agreement is entered into in favor of the transaction.
Process
Brookfield Property Partners has presented its proposal to the Board of Trustees of BOX and has asked the Board to begin a process to review the proposal and appoint a special committee of independent trustees to commission an independent valuation of BOXs units. Once the valuation is available, Brookfield Property Partners would seek to enter into a definitive agreement with BOX with respect to the proposed transaction for presentation to unitholders.
This press release is neither an offer to purchase nor a solicitation of an offer to sell securities. There is no certainty that the proposed transaction will proceed or be consummated.
Brookfield Property Partners
Brookfield Property Partners is one of the worlds largest commercial real estate companies, with approximately
Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with approximately
Brookfield Property Partners Contact: Matthew Cherry Vice President, Investor Relations and Communications Tel: (212) 417-7488 Email: [email protected]
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