By Matt Grossman

Brookfield Asset Management Inc. is seeking to buy the limited-partnership units of Brookfield Property Partners that it doesn't already own in a deal valued at $5.9 billion, Brookfield Asset Management said Monday.

The Canadian asset-management company, which is pursuing the deal with institutional partners, said it would pay $16.50 for each Brookfield Property Partners unit.

Brookfield Property Partners unit holders would have the option to receive for each unit $16.50 in cash, 0.4 Class A Brookfield Asset Management share or 0.66 preferred unit of Brookfield Property Partners with a liquidation preference of $25 per unit, Brookfield Asset Management said.

"The privatization will allow us to have greater flexibility in operating the portfolio and realizing the intrinsic value of [Brookfield Property Partners'] high-quality assets," Brookfield Asset Management Chief Financial Officer Nick Goodman said.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

01-04-21 0753ET