Brookfield Closes US$1 Billion Global Timberlands Fund
20 August 2013 - 10:30PM
Marketwired
Brookfield Asset Management Inc. ("Brookfield")
(NYSE:BAM)(TSX:BAM.A)(EURONEXT:BAMA), announced today that it held
the final close on Brookfield Timberlands Fund V L.P. (the "Fund")
with equity commitments totaling US$1 billion, creating a global
fund that will invest in timberlands, primarily in the U.S., Brazil
and Australia and may also pursue opportunities in Canada, Chile,
Uruguay and New Zealand.
Commitments to the Fund exceeded the original US$750 million
fundraising target, reflecting strong investor demand. Investors in
the Fund include a diverse group of institutional investors,
including sovereign wealth funds, public and private pension plans
and insurers. Brookfield committed US$250 million to the Fund,
aligning its interests with those of third party investors.
"We believe this Fund will allow our investors to invest in
large-scale, high quality timberland assets on a value basis. The
Fund will leverage the operating skills of Brookfield's seasoned
team of timberland professionals and actively manage assets to seek
to achieve strong risk-adjusted total returns over the long-term"
said Reid Carter, Managing Partner of Brookfield Timberlands. "The
global timber supply and demand outlook is very favorable for
timberland owners, and we believe this sustainable, renewable
resource offers significant benefits to institutional
investors".
Brookfield is one of the largest global timberland asset
managers, with over three decades of investing experience and
approximately 3.3 million acres of timberlands under management in
North and South America. The launch of the new Fund follows on the
successful US$270 million final close earlier this year of
Brookfield Brazil Timber Fund II L.P., which exceeded the target of
$200 million.
"We are gratified by the support we have received for Brookfield
funds from some of the world's leading institutional investors, who
have committed their capital based on Brookfield's successful track
record as an investor in real assets," said Leo van den Thillart,
Managing Partner of Brookfield's Private Funds Group. The Private
Funds Group has capital commitments of over $28 billion across more
than 20 funds.
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. For more
information, please visit our website at www.brookfield.com.
For more information, please visit our web site at
www.brookfield.com.
Forward-Looking Statements:
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. Forward-looking statements include statements that are
predictive in nature, depend upon or refer to future events or
conditions, include statements regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of the company and its
subsidiaries, as well as the outlook for North American and
international economies for the current fiscal year and subsequent
periods, and include words such as "believes," "seeks," or negative
versions thereof and other similar expressions, or future or
conditional verbs such as "may," "will," "should," "would" and
"could."
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 believes 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 list of important factors that may
affect future results is not exhaustive. When relying on our
forward-looking statements, 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, that may be as
a result of new information, future events or otherwise.
Contacts: Brookfield Asset Management Inc. Andrew Willis
Communications and Media (416) 369-8236 (416) 363-2856
(FAX)andrew.willis@brookfield.com Brookfield Asset Management Inc.
Amar Dhotar Investor Relations (416) 359-8629 (416) 363-2856
(FAX)amar.dhotar@brookfield.com www.brookfield.com
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