Brookfield Asset Management aims to raise US$15 billion for its fifth flagship real estate fund, less than its previous version. Read on.
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Brookfield, one of the world’s largest owners of prime office properties, started raising money earlier this year for the new vehicle just months after closing its fourth fund at US$17 billion. A spokesperson for the Toronto-based asset manager declined to comment.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Brookfield focuses on top-quality office real estate, which will produce better returns over the long run, chief executive Bruce Flatt told investors last month. “We have always focused on owning premier real estate in the best locations, which is why 95 per cent of our office portfolio is either trophy or Class A office space that continues to vastly outperform the broader market,” he said in a letter to shareholders of Brookfield Corp., Brookfield Asset’s parent company. The group also invests in other property asset classes, including hotels, malls, logistics and housing.
Flatt told investors the problems are isolated to those assets and aren’t material to the firm’s sprawling real estate business, which includes New York’s Manhattan West and London’s Canary Wharf. Brookfield has “always prided ourselves on being an extremely responsible borrower, and our reputation in the capital markets sets us apart,” he said.
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