Brookfield Property Partners LP raised the cash portion of it buyout bid for Brookfield Office Properties Inc by $1 per share. The revised offer comes after the said bid was evaluated by an independent committee, according to Bloomberg.

In a statement today, Brookfield Property said Brookfield Office shareholders can opt to have either $20.34 in cash or one limited partnership unit of Brookfield Property. The statement also said New York-based Brookfield Office's board intends to recommend that shareholders approve the revised offer, the report said.

Hamilton, Bermuda-based Brookfield Property offered to acquire the office landlord in September in a $5-billion bid. In an email, Brookfield Property spokeswoman Melissa Coley said the new offer has a value of $5.1 billion. The commercial property firm already holds a 51% stake in Brookfield Office, the report detailed.

In the original offer, Brookfield Property projected that the combined company would hold a total of $45 billion in assets. The company said it will issue a formal offer in early 2014. The firm expects the buyout to be completed by midyear, Bloomberg reported.