Brookfield Property Partners L.P. (NYSE:BPY) made a proposal to acquire an additional 16.9% stake in Brookfield Canada Office Properties (TSX:BOX.UN) for approximately CAD 480 million on January 23, 2017. Under the proposal, Brookfield Property Partners will acquire 15.85 million units of Brookfield Canada Office Properties for CAD 30.1 per unit in cash. The transaction is subject to approval of at least two-thirds of the votes cast at the meeting by Brookfield Canada Office Properties' unit holders. As of January 23, 2017, unit holders of Brookfield Canada Office Properties do not need to take any action with respect to the proposal. Unit holders holding approximately 3.65 million units of Brookfield Canada Office Properties, representing approximately 23% of the unaffiliated Brookfield Canada Office Properties units, including Morgan Stanley Investment Management, which holds approximately 1.4 million units of Brookfield Canada Office Properties on behalf of certain client accounts, support the proposal and have agreed, subject to certain conditions, to vote the units of Brookfield Canada Office Properties they still hold at the time an agreement is entered into in favor of the transaction. The Board of Trustees of Brookfield Canada Office Properties unanimously recommended the transaction. The transaction is expected to close in second quarter of 2017. Board of Trustees of Brookfield Canada Office Properties appointed Greenhill & Co. Canada as financial advisor and fairness opinion provider, Lawrence Chernin and Mark Spiro of Goodmans as Canadian legal advisor and Jeremy London and Harvey Uris of Skadden, Arps, Slate, Meagher & Flom as its U.S. legal advisors. Fasken Martineau DuMoulin LLP acted as legal advisor to Brookfield Property Partners L.P. Karrin Powys-Lybbe, Mile Kurta, Paulina Taneva, Jason Zhou, Jordan Fenton,Rose Bailey, Corrado Cardarelli, David Mattingly and Andrew Wong of Torys acted as legal advisor for Brookfield Property Partners and Brookfield Canada Office Properties.