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Brookfield Property Partners to sell 6.4 million preferred units

Brookfield Property Partners LP aims to issue and sell 6.4 million of its 6.50% series 1 class A cumulative redeemable perpetual preferred units, for expected net proceeds of approximately $155.0 million.

The commercial real estate company plans to grant an option to the underwriters to acquire up to 960,000 additional units in the planned offering.

Brookfield Property Partners intends to contribute the net proceeds to Brookfield Property LP, which will issue a new series of class A preferred limited partnership units to the company in exchange.

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 for the offering.