BENGALURU: Canada‘s Brookfield Asset Management Inc would buy the remaining stake it does not already own in its commercial real estate business Brookfield Property Partners for about $6.5 billion, the companies said on Thursday.

The deal was a raise from the $5.9 billion the alternative-asset manager offered in January this year.

The COVID-19 pandemic has driven a shift to remote working and kept people away from malls and shopping centres, hurting real estate companies such as Brookfield Property.

Unitholders of Brookfield Property will get $18.17 per unit, a premium of 26% to stock’s last close on Dec. 31, before the announcement was made.

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