Why Brookfield Property Partners Units Rocketed 12% at the Open On July 2
Units of master limited partnership Brookfield Property Partners (NASDAQ: BPY) jumped almost 13% when the trading day got underway on July 2.
The swift gain followed news that parent Brookfield Asset Management (NYSE: BAM), a Canada-based asset management shop with a historical focus on infrastructure, was offering to buy up to roughly 74 million Brookfield Property Partners units at $12 per unit. That's about a 17% premium to the price prior to the offer.
Logically, Brookfield Property Partners units rose on the news. Note that Brookfield Property Partners has a share class that is structured as a real estate investment trust (REIT), trading as Brookfield Property REIT (NASDAQ: BPYU). The REIT shares also rose sharply on the news.
Source Fool.com
