Brookfield Canada Office Properties Transitions to Private Ownership
Brookfield Canada Office Properties (BOXC), a prominent Real Estate Investment Trust (REIT) in Canada, has recently completed a significant transition, evolving from a publicly traded entity to a privately held institution. This strategic move was marked by the redemption of all issued and outstanding trust units not already owned by Brookfield Property Partners LP (BPY) and its affiliates. The transaction was carried out with a cash consideration of $32.50 per trust unit, signifying a pivotal moment for the enterprise.
The completion of this transaction has resulted in BPY owning 100% of the issued and outstanding trust units of BOXC. The enterprise has efficiently managed the payment process for the redeemed units, entrusting the depositary with the task of distributing the cash consideration. Unitholders who managed their units through intermediaries were guided to liaise with their respective brokers to facilitate the receipt of their consideration. Meanwhile, those in possession of certificated units were required to submit a letter of transmittal and their unit certificates to the depositary to finalize their part in the transaction.
In the wake of this redemption, it is expected that BOXC’s trust units will be removed from the Toronto Stock Exchange after the market closes on July 4, 2017. The suspension of trading on the New York Stock Exchange took effect on June 30, 2017, with the anticipated delisting to follow by July 10, 2017. This marks a new chapter for the organization as it continues its operations outside the public market’s purview.
BOXC is known for its impressive portfolio, which includes 26 premier office properties, totaling over 20 million square feet of space strategically located in the downtown cores of Toronto, Calgary and Ottawa. The portfolio features iconic landmarks such as Brookfield Place and First Canadian Place in Toronto, as well as Bankers Hall in Calgary. These assets underscore the firm’s status as a leading player in the Canadian real estate market.
As the flagship Canadian REIT of Brookfield Asset Management, a global alternative asset manager with an extensive portfolio, BOXC has indicated that it will continue to communicate important information through its official channels. The enterprise has encouraged stakeholders to stay informed by consulting these sources for future updates.
The recent news release included forward-looking statements reflecting the organization’s expectations and projections regarding future events. While these statements are based on current assumptions, they are subject to inherent risks and uncertainties. The enterprise remains confident in its operational capabilities, business model, financial health and future prospects.
The transition of Brookfield Canada Office Properties to a private institution under the complete ownership of BPY represents a significant development in the real estate sector. With a strong portfolio of prime office properties in key Canadian cities, the firm maintains its commitment to excellence in asset management and operational efficiency. As BOXC embarks on its journey as a privately held entity, it continues to exemplify the strength and stability that have long been hallmarks of its brand.
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