Hi Pino,
BPY announced recently that it intends to buyback up to $890 million of shares outstanding. This is what the letter is about.
You don't actually have to sell at $12 and if you don't, nothing happens and you just keep your shares. I responded to my thoughts around BPY in another thread, but the buyback is being done because it feels as thought the shares are undervalued. It also reduces the share count and thus the dividend will become mores sustainable. BPY however, is not without its challenges right now and I believe the shares are cheap for a reason.
I have yet to see anything about BPY going private. It is one of several publicly traded companies in the Brookfield Family. If the parent company (BAM.A) decides to absorb BPY, then it will make an offer to shareholders at such time. It would also mark a big shift for the company.
In this scenario, you would not get 'wiped out' - you would simply receive they buyout price per share. I
What I do see however, is the company spinning off a corporation like BPI.UN did with BIPC and BEP.UN did with BEPC. This is a much more complicated question - but once again has no impact on the value of your holdings.
Bottom line, nothing to be concerned about here.
Mat