Brookfield Property Partners LP had offered to acquire the shares that it does not own in Brookfield Office Properties Inc, according to a Bloomberg report. The move was to consolidate holdings and establish one of the biggest commercial real estate landlords in the US, continued the report.

Brookfield Property had been planning a tender offer for the New York based Brookfield Office's shares. The deal would be paid either in stock or cash valued at USD19.34 per share piece, according to a statement issued by the company today. The tender offer for the shares of Brookfield Office was 15% higher than its closing price last September 27. The deal was valued at USD5 billion based on Brookfield Property's closing share price, said the company.

The transaction would combine the office company with the retail, industrial, hotel and apartment holdings of Brookfield Property. Both Brookfield Property and Brookfield Office are units of Brookfield Asset Management Inc based in Toronto, Canada.