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Brookfield Property Partners unit closes C$200M preferred shares offering

Brookfield PropertyPartners LP unit Brookfield Office Properties Inc. completed its of preferred shares, seriesCC, for C$200 million.

The company agreed to issue 6 million preferred shares at C$25.00apiece for aggregate proceeds of C$150 million on April 18. The syndicate of underwriters,led by TD Securities Inc., CIBC Capital Markets, RBC Capital Marketsand Scotiabank, exercised their option in full to purchase an additional 2 millionshares at the same offering price, which brought the total gross proceeds to C$200million.

Net proceeds from the issue will be added to the general fundsof Brookfield Office Properties and will be used for general corporate purposes,including, but not limited to, redemption of existing preferred shares, repaymentof revolving debt, acquisitions, capital expenditures and working capital needs.

The preferred shares, series CC, will yield 6.00% annually forthe initial period ending June 30, 2021.