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Brookfield Property Partners plans series 1 preferred unit offering

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Brookfield Property Partners plans series 1 preferred unit offering

Brookfield Property Partners LP aims to offer its class A, series 1 cumulative redeemable perpetual preferred units with a liquidation preference of $25.00 apiece.

The commercial real estate giant did not disclose the number of units subject to the offering, although S&P Global Ratings said the offering amount is estimated to be $100 million.

Brookfield said it will use the net proceeds for general partnership purposes.

Wells Fargo Securities LLC, J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and RBC Capital Markets LLC are the joint book-running managers of the offering.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.