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BPY - Brookfield Property Partners LP News Story

$17.81 -0.1  -0.4%

Last Trade - 05/05/21

Sector
Financials
Size
Large Cap
Market Cap £12.05bn
Enterprise Value £72.30bn
Revenue £4.75bn
Position in Universe 686th / 6846

BREAKINGVIEWS-Capital Calls-Brookfield digs deeper

Thu 1st April, 2021 4:05pm
(The author is a Reuters Breakingviews columnist.  The opinions
expressed are their own.)
    NEW YORK, April 1 (Reuters Breakingviews) - Concise insights
on global finance in the Covid-19 era.
 
    -------------------------------------------------
CANADIAN HOSPITALITY. Brookfield Asset Management  BAMa.TO  is
engaging in some self-serving generosity. On Thursday the
Canadian property giant raised its bid https://bam.brookfield.com/press-releases/2021/04-01-2021-115037968
 to take private its listed commercial real estate arm,
Brookfield Property Partners  BPY.O , offering minority
shareholders $6.5 billion, or 10% more than January’s opening
gambit.
    Digging deeper is a Brookfield speciality  urn:newsml:reuters.com:*:nL1N2JF1H7. It
similarly raised bids for GGP, Rouse Properties, Brookfield
Office Properties and Canada Office Properties. This bump is
bigger than usual, partly because Brookfield’s own shares have
risen in the meantime. That’s despite the fact the group holds
around 60% of BPP already. At Rouse and GGP it didn’t even have
a majority stake. 
    BPP’s eight independent directors https://bpy.brookfield.com/corporate-governance/board-of-directors
 no doubt helped keep Brookfield boss Bruce Flatt honest
 urn:newsml:reuters.com:*:nL1N2DT1V5. They had assistance from Lazard, which opined that
their company was worth up to 12% more than Brookfield’s first
offer. More importantly, Brookfield’s sprawling business model,
which runs from shopping malls to railways, hinges on bringing
in outside investors to share risk. A reputation for sharp
treatment would not be an asset. (By John Foley)

    On Twitter http://twitter.com/breakingviews
    
    Earlier in Capital Calls:
    
    Rolls-Royce boss straps himself in tighter  urn:newsml:reuters.com:*:nL4N2LU3RV
    Mastercard opens African mobile money account  urn:newsml:reuters.com:*:nL4N2LU2QL
    Chinese loans attach unexpected strings  urn:newsml:reuters.com:*:nL4N2LU2BD
    Macquarie risk is under-calculated  urn:newsml:reuters.com:*:nL4N2LU0KK
    Merger bankers are just warming up  urn:newsml:reuters.com:*:nL1N2LT3I1

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| Editing by Richard Beales and Oliver Taslic)
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