|
Welcome back! What did you think of our Property Management Software?
Are you subscribed to our feed and receiving email updates? |
Real Estate Investment Company BPO
TORONTO–BPO Properties Ltd. today announced that its shareholders have approved the company’s proposal to create Canada’s pre-eminent office real estate investment trust (REIT), to be named Brookfield Office Properties Canada. Shareholders voted in favour of the proposal at a meeting today at the Hockey Hall of Fame in Toronto by a margin of 99%.
Brookfield Office Properties Canada is comprised of 19 premier office buildings encompassing 14 million square feet in Toronto, Calgary and Vancouver. As part of the transaction approved today, Brookfield Office Properties Canada is purchasing Brookfield Properties’ (NYSE, TSX: BPO – News News) interest in the prestigious Brookfield Place office and retail complex in downtown Toronto.
“The overwhelmingly positive result of today’s vote confirms our belief that the conversion to a REIT structure is in the best interests of all BPP shareholders,” said Tom Farley, chief executive officer of BPO Properties. “With the addition of Brookfield Place, we look forward to launching the highest-quality office REIT in Canada.”
It is anticipated that the transaction will close on Saturday, May 1 and that units of Brookfield Office Properties Canada will begin trading on the Toronto Stock Exchange (TSX) under the stock symbol “BCR” on Wednesday, May 5. In the interim, from market open on May 3 to market close on May 4, common shares of the company will continue to trade on the TSX under the symbol BPP as proxy shares – representing an entitlement to units of BCR. On May 5, common shares of BPP will be delisted from the TSX and BCR’s units will commence trading under the symbol BCR. As approved by BPP shareholders today, each BPP common share will be converted into one unit of BCR.
Preferred shares of BPP will continue to be listed on the TSX and the terms of those securities remain unchanged.
BCR expects to pay monthly distributions to unitholders of $0.08 per unit, or $0.96 per unit on an annualized basis. This annual payout to BCR unitholders is more than double BPP’s existing annual payout of $0.40 per share.
BPO Properties Profile
BPO Properties Ltd., 90% owned by Brookfield Properties Corporation, is a Canadian company that invests in real estate, focusing on the ownership and value enhancement of premier office properties. The current property portfolio is comprised of interests in commercial properties totaling 18.3 million square feet. BPP’s common shares trade on the TSX under the symbol BPP. For more information, visit www.bpoproperties.com.
Source: BPO Properties Ltd
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. BPO Properties Shareholders Approve Conversion to Create Canada’s Pre-Eminent Office REIT is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
- Property Management Company Proposes Sale Of Three For REIT Status Property management company, American Spectrum Realty, Inc., also a real estate investment and management company located in Houston, Texas, announced today the proposed sale of two office buildings and one......
- BPO Properties Shareholders Approve Conversion to Create Canada’s Pre-Eminent Office REIT April 27, 2010: BPO Properties Ltd. today announced that its shareholders have approved the company’s proposal to create Canada’s pre-eminent office real estate investment trust (REIT), to be named Brookfield......
- Weyerhaeuser Shareholders’ Vote Clears Path for REIT Conversion FEDERAL WAY, Wash., Apr 16, 2010– Yesterday Weyerhaeuser Company announced it has received shareholder approval to issue a significant number of shares to enable the payout of its Earnings and......
