Brookfield Closes $14 Billion of Recent Fund Commitments
23 Juli 2013 - 10:17PM
Marketwired
Brookfield Asset Management ("Brookfield")
(TSX:BAM.A)(NYSE:BAM)(EURONEXT:BAMA) announced today an update on
the status of its recent private and public fundraising
initiatives. To date, investors have committed over US$14 billion
to these initiatives, which will be invested in property,
infrastructure and timber assets.
Investors in Brookfield's funds include a diverse group of
sovereign wealth funds, public and private pension plans, insurers,
endowments, foundations, family offices and high net-worth
individuals from North America, Europe, Asia and the Middle East as
well as Brookfield's affiliates.
Brookfield's fund commitments include a final close last week on
the US$4.4 billion Brookfield Strategic Real Estate Partners fund
(the "Fund"), a global private fund focused on making opportunistic
investments in commercial property. Capital commitments to the Fund
are well in excess of the original US$3.5 billion fundraising
target, reflecting strong investor demand, and the Fund ranks among
the largest global private real estate funds. Brookfield Property
Partners L.P. (NYSE:BPY)(TSX:BPY.UN) announced that it has
committed approximately US$1.3 billion to the Fund as its lead
investor.
"We are very pleased that we have a group of the world's leading
investors, from many geographies and investor categories, who have
put their trust in us and we are delighted to work on their behalf.
We highly value these relationships, old and new, and express our
sincere appreciation for their support," said Barry Blattman,
Senior Managing Partner of Brookfield Asset Management.
The Fund will invest opportunistically in the commercial
property markets, with an emphasis on North America, Europe, Brazil
and Australia. The Fund's strategy is to acquire properties
directly and invest in real estate companies and distressed loans
and securities. In keeping with Brookfield's proven approach to
investing, the Fund will have a particular focus on acquiring
positions of control or influence as part of multi-faceted
distressed real estate turnarounds or recapitalizations. The Fund
has already committed approximately US$1.1 billion or approximately
25% the equity to investments in Thakral Holdings Group, an
Australian office and hotel property owner; Verde Realty, a U.S.
industrial real estate company; and EZW Gazeley Ltd., a European
logistics facilities owner.
"We believe we will be investing this Fund at a time when high
quality commercial property investment opportunities are available
on an attractive risk-adjusted basis," said Ric Clark, Brookfield
Senior Managing Partner and Chief Executive Officer of Brookfield
Property Group. "Our long history as an owner and operator of real
estate assets positions us well to create significant value for
Brookfield and our investors."
Brookfield Asset Management Inc. is a global alternative asset
manager with over $175 billion in assets under management. The
company has over a 100-year history of owning and operating assets
with a focus on property, renewable power, infrastructure and
private equity. It has a range of public and private investment
products and services, which leverage its expertise and experience
and provide Brookfield with a competitive advantage in the markets
where it operates. Brookfield is co-listed on the New York and
Toronto stock exchanges under the symbol BAM and BAM.A,
respectively, and on NYSE Euronext under the symbol BAMA.
Brookfield Property Partners L.P. is a commercial real estate
owner, operator and investor operating globally. Our diversified
portfolio includes interests in over 300 office and retail
properties encompassing approximately 250 million square feet. In
addition, we have interests in approximately 19,800 multi-family
units, 29 million square feet of industrial space and an 18 million
square foot office development pipeline. Our goal is to be the
leading global investor in best in class commercial property
assets.
Note: Brookfield refers to Brookfield Asset Management Inc. and
its subsidiaries and affiliates. The fundraising, as referenced in
this news release, includes $2.1 billion in net flows received by
Brookfield Investment Management Inc., a U.S.-based SEC-registered
investment advisor and its subsidiaries and affiliates, being $2.3
billion of inflows and $143 million of outflows.
This news release contains forward-looking information within
the meaning of Canadian provincial securities laws and
"forward-looking statements" within the meaning of Section 27A of
the U.S. Securities Act of 1933, as amended, Section 21E of the
U.S. Securities Exchange Act of 1934, as amended, "safe harbour"
provisions of the United States Private Securities Litigation
Reform Act of 1995 and in any applicable Canadian securities
regulations. Conditional verbs such as "may," "will," "can,"
"would," and "should," are predictions of or indicate future
events, trends or prospects or identify forward-looking statements.
Forward-looking statements in this news release include statements
with respect to the type and quality of the investments of the
Fund. Although Brookfield Asset Management and Brookfield Property
Partners believe that their anticipated future results, performance
or achievements expressed or implied by the forward-looking
statements and information are based upon reasonable assumptions
and expectations, the reader should not place undue reliance on
forward-looking statements and information as such statements and
information involve known and unknown risks, uncertainties and
other factors which may cause the actual results, performance or
achievements of the company to differ materially from anticipated
future results, performance or achievement expressed or implied by
such forward-looking statements and information.
Factors that could cause actual results to differ materially
from those contemplated or implied by forward-looking statements
include: economic and financial conditions in the countries in
which we do business; the behaviour of financial markets, including
fluctuations in interest and exchange rates; availability of equity
and debt financing; strategic actions including dispositions; the
ability to complete and effectively integrate acquisitions into
existing operations and the ability to attain expected benefits;
regulatory and political factors within the countries in which the
company operates; acts of God, such as earthquakes and hurricanes;
the possible impact of international conflicts and other
developments including terrorist acts; and other risks and factors
detailed from time to time in the company's form 40-F filed with
the Securities and Exchange Commission as well as other documents
filed by the company with the securities regulators in Canada and
the United States, including the company's most recent Management's
Discussion and Analysis of Financial Results under the heading
"Business Environment and Risks."
We caution that the foregoing factors that may affect future
results is not exhaustive. When relying on our forward-looking
statements to make decisions with respect to Brookfield Asset
Management and Brookfield Property Partners, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Except as required by law, the
company undertakes no obligation to publicly update or revise any
forward-looking statements or information, whether written or oral,
as a result of new information, future events or otherwise.
Contacts: Brookfield Asset Management Andrew Willis
Communications and Media (416) 369 -
8236andrew.willis@brookfield.com Brookfield Asset Management Amar
Dhotar Investor Relations (416) 359-8629amar.dhotar@brookfield.com
www.brookfield.com Brookfield Property Partners Melissa Coley
Investor Relations & Communications (212)
417-7215melissa.coley@brookfield.com
www.brookfieldpropertypartners.com
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