TORONTO — Brookfield Asset Management Inc. has raised its offer and reached a deal to buy the stake in Brookfield Property Partners LP that it does not already own for US$6.5 billion.

The alternative investment manager says it will pay US$18.17 per Brookfield Property unit, up from its earlier offer of US$16.50 per unit.

The independent members of the Brookfield Property board unanimously approved the deal and recommended unitholders do the same.

Brookfield Property unitholders will have the option to receive their payment in cash, Brookfield class A shares or Brookfield Property preferred units with limits for each category.

The total cash available is capped at US$3.27 billion.

The company holds a diverse real estate portfolio of properties around the world.

This report by The Canadian Press was first published April 1, 2021.

Companies in this story: (TSX:BAM.A, TSX:BPY.UN)

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