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Brookfield offers to take ASX-listed office fund private

Brookfield BPPF Investments Pty. Ltd. plans to acquire the remaining units that it does not own in Australia-listed Brookfield Prime Property Fund for A$8.815 apiece, subject to certain conditions.

The offer price was adjusted from A$8.89 to put into account any distribution paid or payable on or after March 28. The adjusted offer is an 18% premium to the fund's April 6 closing price and a 32% premium on the 90-day volume weighted average price of the fund's shares.

The trustee for Brookfield BPPF Investments Trust submitted the takeover proposal April 7, while the fund's responsible entity, Brookfield Capital Management Ltd., signed an implementation deed with Brookfield BPPF Investments Trust for the offer. The Australian noted April 10 that Brookfield BPPF owns an 80.47% stake in the fund.

Brookfield Capital Management's independent directors plan to recommend the bid upon receiving the report from an independent expert and in the absence of a better proposal.

The company will hold a meeting of unit holders June 14 to vote on the offer, while it expects to receive the independent expert's report on or around May 18. An indicative timetable for the proposal also showed that Brookfield Prime Property Fund will be delisted on the Australian bourse July 3 if the takeover is approved.

Brookfield Prime Property Fund listed in Australia in September 2006 and manages A$761 million in funds and has a direct property portfolio worth A$707.0 million. It owns office towers 680 George Street and 50 Goulburn Street and American Express House in Sydney and 108 St Georges Terrace in Perth.

The fund was a vehicle set up by Brookfield Office Properties Inc., a unit of Brookfield Property Partners LP.

As of April 7, US$1 was equivalent to A$1.33.