August 20, 2019
Torys represented Brookfield Property Partners with a team that included Karrin Powys-Lybbe, Mile Kurta, Chris Bornhorst, Jordan Fenton, Steven Bentsianov and Nico Basil (corporate/securities) and David Mattingly, Christopher Saki and Richard Johnson (tax).
On August 20, 2019, Brookfield Property Partners L.P. (“Brookfield Property Partners”) issued its inaugural, corporate-level perpetual green preferred units – the first of their kind in the industry – through the issuance of 10,000,000 units of Class A cumulative redeemable perpetual preferred units, Series 2.
The net proceeds from this offering are expected to be allocated to the financing and refinancing of recently completed and future eligible green projects. Pending the allocation of an amount equal to the net proceeds of the preferred units to finance or refinance eligible green projects, the unallocated portion of the net proceeds will be temporarily used for the repayment of outstanding indebtedness, including on demand deposits and promissory notes.
Wells Fargo Securities, LLC, BofA Securities, Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC acted as joint book-running managers of this offering.
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 over $85 billion in total assets.
Further information can be found on Globe Newswire’s website.