Oaktree to Transition Advisory Role of Non-Traded REIT to Brookfield
15 Juli 2021 - 10:30PM
Oaktree to Transition Advisory Role of Non-Traded REIT to
Brookfield
Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM; TSX:
BAM.A) and Oaktree Capital Management, L.P. (“Oaktree”) today
announced they have entered into an agreement to transition the
advisory role of Oaktree Real Estate Income Trust, Inc. (the “REIT”
or “Oaktree REIT”) to an affiliate of Brookfield. Following the
transition, the Non-Traded REIT will change its name to Brookfield
Real Estate Income Trust Inc. (“Brookfield REIT”).
Brookfield REIT will be distributed by
Brookfield Oaktree Wealth Solutions, a wealth management platform
established to offer institutional-caliber alternative investment
products to individual and high net worth investors globally.
Going forward, Oaktree will maintain an active
role by managing certain of Brookfield REIT’s assets and its liquid
securities portfolio. Manish Desai, the REIT’s current President,
will transition to Brookfield to serve as President and COO of
Brookfield REIT.
“Oaktree has done an excellent job, generating
strong returns for stockholders. This transition benefits
stockholders going forward through the combination of Brookfield’s
sourcing networks, operating capabilities and global footprint,
while maintaining the benefit of Oaktree’s leading credit
expertise,” said Zach Vaughan, Managing Partner at Brookfield
and CEO of Brookfield REIT following the transition.
Following the transition, Brookfield REIT’s
investment strategy will largely stay the same, but will include
exposure to certain non-U.S. markets where Brookfield has existing
capabilities.
The transition is expected to occur in the
fourth quarter of 2021. The transition and related transactions are
subject to customary closing conditions, including regulatory
approvals, and there is no guarantee they will occur as described
herein or at all.
Brookfield Asset Management
Inc. is a leading global alternative asset manager with
over US$600 billion of assets under management across real
estate, infrastructure, renewable power, private equity and credit.
Brookfield owns and operates long-life assets and businesses, many
of which form the backbone of the global economy. Utilizing its
global reach, access to large-scale capital and operational
expertise, Brookfield offers a range of alternative investment
products to investors around the world—including public and private
pension plans, endowments and foundations, sovereign wealth funds,
financial institutions, insurance companies and private wealth
investors. Brookfield Asset Management is listed on
the NYSE and the TSX under the symbols BAM and BAM.A,
respectively. For more information, please visit Brookfield’s
website at www.brookfield.com.
Oaktree is a leader among
global investment managers specializing in alternative investments,
with $153 billion in assets under management as of March 31,
2021. The firm emphasizes an opportunistic, value-oriented and
risk-controlled approach to investments in credit, real assets,
private equity and listed equities. The firm has over 1,000
employees and offices in 19 cities worldwide. For additional
information, please visit Oaktree’s website at
www.oaktreecapital.com.
CONTACTS
Brookfield |
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Communications & Media: |
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Investor Relations: |
Kerrie McHugh |
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Matt Cherry |
Tel: +1212 618-3469 |
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+1212 417-7488 |
Email: kerrie.mchugh@brookfield.com |
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matthew.cherry@brookfield.com |
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Oaktree |
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Communications & Media: |
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Investor Relations: |
Sard Verbinnen & Co |
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inquiries@oaktreereit.com |
Alyssa Lorenzo / Monique Sidhom |
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mediainquiries@oaktreecapital.com |
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Forward-Looking Statements: This communication
includes certain statements that are intended to be deemed
“forward- looking statements” within the meaning of, and to be
covered by the safe harbor provisions contained in, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements are generally identifiable by the use of the words
“may,” “will,” “should,” “expect,” “anticipate,” “estimate,”
“believe,” “intend,” “project,” “continue,” or other similar words
or terms and include, without limitation, statements describing the
pending transition described in this communication and the expected
timing thereof. These statements are based on certain assumptions
and analyses made in light of our experience and our perception of
historical trends, current conditions, expected future developments
and other factors we believe are appropriate. Such statements are
subject to a number of assumptions and involve known and unknown
risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different
from future results, performance or achievements expressed or
implied by these forward-looking statements. Such factors may
include, but are not limited to, the occurrence of any event,
change or other circumstances that could cause the transition not
to be consummated and the effect of the announcement of the
transition on our business and personnel. In addition, these
forward-looking statements reflect the REIT’s views as of the date
on which such statements were made. Subsequent events and
developments may cause the REIT’s views to change. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of future events, new information
or otherwise. Readers are cautioned not to place undue reliance on
these forward-looking statements.