BROOKFIELD NEWS, Aug. 16, 2019 (GLOBE NEWSWIRE) -- Brookfield Property Partners L.P. (BPY) (NASDAQ: BPY; TSX: BPY.UN) announced today that the Toronto Stock Exchange (the TSX) accepted a notice filed by BPY of its intention to renew its prior normal course issuer bid for a one-year period. BPY stated that at times its limited partnership units trade in price ranges that do not fully reflect their value. As a result, from time to time, acquiring limited partnership units represents a desirable use of available funds.
The notice provides that BPY may, during the twelve-month period commencing August 20, 2019 and ending August 19, 2020, purchase on the TSX, the Nasdaq Stock Market (Nasdaq) and any alternative Canadian or
The price to be paid for the limited partnership units under the normal course issuer bid will be the market price at the time of purchase. The actual number of limited partnership units to be purchased and the timing of such purchases will be determined by BPY, and all purchases of limited partnership units will be effected through the facilities of the TSX, the Nasdaq and any alternative Canadian or
In addition, certain subsidiaries of Brookfield Asset Management Inc. (BAM) may act jointly or in concert with BPY and purchase limited partnership units through open market purchases on the TSX, Nasdaq and other alternative Canadian trading systems pursuant to section 4.1 of National Instrument 62-104 Take-Over Bids and Issuer Bids (NI 62-104). These limited partnership units will be purchased and held on behalf of BAM and will not be cancelled.
In connection with the normal course issuer bid, BPY entered into an automatic purchase plan with its designated broker. The automatic purchase plan will allow for the purchase of limited partnership units, subject to certain trading parameters, at times when BPY ordinarily would not be active in the market due to its own internal trading blackout period, insider trading rules or otherwise. Outside of these periods, limited partnership units will be repurchased in accordance with managements discretion and in compliance with applicable law. The plan will commence on August 20, 2019 and terminate on August 19, 2020.
Of the 21,091,764 limited partnership units approved for purchase under BPYs prior normal course issuer bid that commenced on August 20, 2018 and expires on August 19, 2019 (the Prior NCIB), BPY purchased, in the twelve-month period preceding the date hereof, an aggregate of 7,215,280 limited partnership units through open market purchases on the TSX, the Nasdaq and other alternative Canadian and
About Brookfield Property Partners
Brookfield Property Partners, through Brookfield Property Partners L.P. and its subsidiary Brookfield Property REIT Inc., is one of the worlds premier commercial real estate companies, with over
Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management Inc., a leading global alternative asset manager with over
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Contact:
Matthew Cherry
Senior Vice President, Investor Relations & Communications
Tel: 212-417-7488
Email: [email protected]
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