HAMILTON, BERMUDA—The ink has dried on BrookfieldProperty Partners' acquisition of BrookfieldOffice Properties. First announced this past September, the deal has been valuedat about $5 billion and creates one of the world's largest CREcompanies, with $45 billion of assets and ownership of more than330 million square feet of office, industrial, multifamily andretail across four continents.

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

In the final phase of the acquisition, which began in lateApril, BPO shareholders were able to receive either one limitedpartnership unit of BPY or $20.34 in cash for each BPO common shareheld. Of the remaining 38,183,084 BPO common shares, representing7.5% of the total, 29,547,297 were tendered for cash and 8,635,787were tendered for limited partnership units.