Brookfield Property Partners LP is proposing to acquire the approximately 16.9% equity interest in Brookfield Canada Office Properties that it or its affiliates do not own for C$475.6 million, based on the C$30.10-per-unit cash offer.

Brian Kingston, CEO of Brookfield Property, said in a release that acquiring Brookfield Canada would allow Brookfield Property to simplify its structure and consolidate its North American office operations.

Brookfield Canada Office Properties said it has formed a special committee to review and consider the proposal.

The offered price reflects a premium of 14.2% to the 30-day volume-weighted average price of Brookfield Canada units on the Toronto Stock Exchange, and a 14.5% premium to the 30-day volume-weighted average price on the New York Stock Exchange.

Brookfield Property said owners of approximately 3.65 million units, reflecting approximately 23% of the unaffiliated units, have agreed to support the offer.