Brookfield Office Properties completes preferred share offering
On February 17, 2017, Brookfield Office Properties Inc. (Brookfield Office Properties) completed its previously announced issuance of 11,000,000 cumulative minimum rate reset Class AAA preference shares, Series EE at a price of C$25.00 per share, for aggregate proceeds of C$275 million. Holders of the Series EE preferred shares will be entitled to receive a cumulative quarterly fixed dividend yielding 5.10% annually for the initial period ending March 31, 2022.
The offering was underwritten by a syndicate of underwriters led by Scotiabank, CIBC Capital Markets, RBC Capital Markets and TD Securities Inc.
The net proceeds of the issue will be used by Brookfield Office Properties for general corporate purposes which may include the redemption of existing preferred shares.
Brookfield Office Properties is a subsidiary of Brookfield Property Partners, one of the world's largest commercial real estate companies, with approximately $65 billion in total assets. Brookfield Office Properties owns, develops and manages premier office properties in the United States, Canada, Australia and Europe. Its portfolio is comprised of interests in 116 properties totaling 88 million square feet in the downtown cores of New York, Washington, D.C., Houston, Los Angeles, Toronto, Calgary, Ottawa, London, Berlin, Sydney, Melbourne and Perth, making Brookfield Office Properties the global leader in the ownership and management of office assets. Landmark properties include Brookfield Places in New York City, Toronto and Perth, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary and Darling Park in Sydney.
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