Brookfield Property Partners completes substantial issuer bid

On March 28, 2019, Brookfield Property Partners L.P. ("BPY") announced the final results of its substantial issuer bid to purchase for cancellation up to US$405 million of its limited partnership units.

The offer, which expired March 25, 2019 and was made by way of a "modified Dutch auction", was open to holders of BPY limited partnership units, holders of exchangeable limited partnership units of Brookfield Office Properties Exchange LP and holders of securities that are exchangeable into BPY limited partnership units, with prices ranging from US$19.00 to US$21.00 per unit. In accordance with the terms and conditions of the offer and based on a final count, BPY took up and purchased for cancellation 13,981,214 units at a purchase price of US$21.00 per unit, for an aggregate cost of approximately US$294 million, excluding fees and expenses relating to the offer.

Any units tendered and not purchased will be returned to unitholders promptly by the depositary, AST Trust Company (Canada).

Brookfield Property Partners, through Brookfield Property Partners L.P. and its subsidiary Brookfield Property REIT Inc., is one of the world's premier commercial real estate companies, with approximately US$87 billion in total assets.

Further information can be found on Globe Newswire's website.