Canada’s Brookfield Asset Management Inc said on Monday it had offered to take its commercial real estate arm Brookfield Property Partners LP private in a $5.9 billion deal.

Brookfield Asset Management said it would offer $16.50 for each Brookfield Property shares it does not already own, a premium of 14 percent to Thursday’s close.

Shares of Brookfield Property Partners, which operates everything from offices, retail malls and logistics properties around the world, rose 15 percent in premarket trading.

“The privatization will allow us to have greater flexibility in operating the portfolio and realizing the intrinsic value of BPY’s high-quality assets,” Brookfield Asset Management Chief Financial Officer Nick Goodman said in a statement.

The deal is subject to Brookfield Property board’s approval.

By Nivedita Balu; Editors: Arun Koyyur, Maju Samuel