HAMILTON, BERMUDA-Brookfield Property Partners LP on Friday said it had increased the cash offer portion of its proposal to buy the 49% of common stock in Brookfield Office Properties that it doesn’t already own. The increase of $1 per share bumps up the size of the deal from $5 billion to $5.1 billion. Separately, BPO’s board announced on Friday that it recommended the revised offer to shareholders.

“We are pleased to have the support of the BPO independent directors for the revised offer,” says Ric Clark, BPY’s CEO. “We believe that the offer is an attractive value proposition for BPO shareholders, and we look forward to BPO shareholders exchanging their common shares for an interest in our flagship global property company.”

Under the terms of the revised offer, each BPO shareholder can elect to receive consideration per BPO common share of either 1.0 limited partnership unit of BPY or $20.34 in cash. Those who opt for limited partnership units should be able to do so on a tax-deferred basis.

BPY expects to commence the offer to shareholders in the first quarter of 2014. Assuming the deal, which was first announced in September, goes through, the result will be one of the world’s largest CRE companies, with $45 billion of assets and ownership of more than 330 million square feet of office, industrial, multifamily and retail across four continents.