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Brookfield Property Partners L.P. ("BPY") (NASDAQ:BPY, TSX:BPY) announced today that it has received unitholder approval for Brookfield Asset Management Inc.'s ("BAM") acquisition of all of the limited partnership units of BPY (the "transaction"). Approval was given at a special meeting of BPY unitholders held on July 16, 2021 (the "Meeting").
At the Meeting, approximately 99.06% of the votes cast by all BPY unitholders, and 97.79% of votes cast by minority BPY unitholders, were voted in favour of the transaction.
As previously announced, in connection with the transaction and subject to pro-ration, BPY unitholders have the ability to elect to receive, per BPY unit, $18.17 in cash, 0.4006 of a BAM class A limited voting share, or 0.7268 of a BPY preferred unit with a liquidation preference of $25.00 per unit and a fixed distribution rate of 6.25% per annum, or $0.390625 per quarter.
The election deadline by which registered unitholders are entitled to elect to receive their preferred form of consideration will be 5:00 p.m. (Toronto time) on July 20, 2021. Non-registered or beneficial unitholders, those who have their units held with a broker or other intermediary, may have an earlier deadline as set forth by said intermediary. Non-registered unitholders are advised to contact their broker or other intermediary to elect to receive their preferred form of consideration prior to the deadline set forth by said intermediary.
The closing of the transaction is subject to the satisfaction of certain other closing conditions customary in a transaction of this nature, including obtaining the final court order. Assuming that these conditions are satisfied, it is expected that the closing of the transaction will occur prior to the end of July 2021.