NEW YORK CITY—Brookfield Properties Corp. said Friday it’s taking steps to transform itself into a pure-play office company. To be known as Brookfield Office Properties, the renamed firm is buying a stake in 16 Australian towers from Brookfield Asset Management for $1.6 billion and will divest its remaining residential business.

The Australian office properties, located in Sydney, Melbourne and Perth, total eight million square feet and have a total value of $3.4 billion, BOP says. They’re currently 99% leased. BOP plans to fund the purchase with $1.3 billion in cash and a $750-million bridge acquisition facility from BAM. The transaction is expected to close by the end of this quarter.

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