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Latham & Watkins Advises on Acquisition of 100% of Brookfield Property Partners Units by Brookfield Asset Management

April 1, 2021
Members of the firm’s M&A Practice and REITs Industry Group are advising the special committee of the board of directors of BPY.

Brookfield Asset Management Inc. (Brookfield) (NYSE: BAM; TSX: BAM.A) and Brookfield Property Partners L.P. (BPY) (NASDAQ: BPY; TSX: BPY.UN) have announced that they have reached agreement for Brookfield to acquire all of the limited partnership units of BPY (BPY units) at a value of US$18.17 per BPY unit, to be completed by way of an Ontario court-approved plan of arrangement. This represents total consideration of US$6.5 billion payable to the unitholders of BPY other than Brookfield and its affiliates.

Latham & Watkins LLP represents as US counsel the special committee of the board of directors of BPY with a corporate deal team led by Chicago partner Mark Gerstein and Los Angeles partner Julian Kleindorfer, with associates Alidad Damooei, William Nahill, and Eric Lim, and with the assistance of Chicago partner Christopher Drewry. Advice was also provided on tax matters by Century City partner Pardis Zomorodi and Los Angeles partner Eric Cho.