BROOKFIELD NEWS, Aug. 13, 2018 (GLOBE NEWSWIRE) -- Brookfield Property Partners L.P. (NASDAQ: BPY; TSX: BPY.UN) announced today that, in connection with its previously announced agreement to acquire GGP Inc., Brookfield Asset Management Inc., which beneficially owns an approximate 69% limited partnership interest in BPY on a fully-exchanged basis (excluding the Class A preferred limited partnership units of Brookfield Property L.P.), has provided the Toronto Stock Exchange (“TSX”) with updated written consent confirming that it is in favor of the Transaction, which satisfies the BPY unitholder approval requirement of the TSX. Please refer to BPY’s press release from June 7, 2018 for further details of the Transaction.

This updated consent confirms that an additional maximum of 1.52 million BPY units may be issuable post-closing of the Transaction in connection with certain appreciation-only LTIP awards previously granted by GGP affiliates, which are being converted into BPY LTIP awards in accordance with section 611(f) of the TSX Company Manual. Thus, up to a total of 306,361,434 BPY units are issuable upon closing of the Transaction, the previously announced private placement to Brookfield Asset Management and post-closing in connection with the exercise of options and LTIP awards assumed by BPY in the Transaction, resulting in an approximate dilution to existing BPY unitholders of 44%.

Brookfield Property Partners

Brookfield Property Partners is one of the world’s premier commercial real estate companies, with approximately $69 billion in total assets. We are leading owners, operators and investors in commercial real estate, with a diversified portfolio of premier office and retail assets, as well as interests in multifamily, triple net lease, industrial, hospitality, self-storage, student housing and manufactured housing assets. Brookfield Property Partners is listed on the Nasdaq stock market and the Toronto stock exchange. Further information is available at bpy.brookfield.com.