CEO Ric Clark said the BPO buy would consolidate BPY's office platform.

HAMILTON, BERMUDA—The ink has dried on Brookfield Property Partners‘ acquisition of Brookfield Office Properties. First announced this past September, the deal has been valued at about $5 billion and creates 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.

When the plan to acquire the 49% of BPO that BPY didn’t already own was first made public, BPO CEO Ric Clark said it would “consolidate our global office properties under one platform and substantially increase Brookfield Property Partners’ public float, which should help accelerate our growth strategy.” Further, he said it represented “an attractive opportunity for BPO shareholders to exchange their common shares for an interest in our flagship global property company and cash.”

In the final phase of the acquisition, which began in late April, BPO shareholders were able to receive either one limited partnership unit of BPY or $20.34 in cash for each BPO common share held. Of the remaining 38,183,084 BPO common shares, representing 7.5% of the total, 29,547,297 were tendered for cash and 8,635,787 were tendered for limited partnership units.

The acquisition was completed via an arrangement by which BPY and two indirect subsidiaries, Brookfield Office Properties Exchange LP and Brookfield Property Split Corp., acquired all of BPO’s remaining shares. BPO’s stock is expected to be de-listed from the Toronto Stock Exchange at the close of trading Tuesday and from the New York Stock Exchange at the close of trading on June 20.

Last week, reported that Mitch Rudin, president and CEIO of BPO’s US operations, would step down. “With the consolidation of Brookfield Office Properties into Brookfield Property Partners, and the near completion of the re-development and re-leasing of Brookfield Place, Mitch Rudin’s capabilities would not be fully utilized going forward,” a BPO spokesman said in a statement last week. “Regrettably, we announce that Mitch will be leaving the company at the end of June.”