Brookfield proposes spin-off of non-resident commercial real estate partnership

Brookfield Asset Management Inc. is proposing a spin-off to its shareholders of units of a non-resident partnership (BPY) that will hold its commercial real estate portfolio, so that following the distribution the public will hold 10% of BPY on a fully-diluted basis and Brookfield will continue to hold approximately 90% (including through exchangeable units of a subsidiary Bermuda LP).

The spin-off is taking the form of a taxable dividend (no vote required), rather than a paid-up capital distribution under s. 84(2) or 86.

Neal Armstrong.  See summary of Preliminary prospectus of Brookfield Property Partners L.P..