Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX:
BAM.A) today announced the initial closing of its first European
core-plus real estate fund, Brookfield European Real Estate
Partnership (“BEREP” or the “Fund”), with total equity commitment
to date of €725 million.
The core-plus fund dedicated to European real
estate investments continues Brookfield’s focus on establishing
core-plus real estate funds in large, developed regions, which also
includes funds focused on North America and Australia. BEREP
committed equity in mid-April to its first investment, 42 rue de
Paradis, a high-quality office building in Paris.
“Evolving market dynamics are creating new
opportunities and a substantial pipeline in core-plus real estate
throughout Europe,” said Zachary Vaughan, Head of Europe Real
Estate at Brookfield. “This fund, combined with our on-the-ground
presence and operations across Europe, should continue to serve us
well over the long term.”
Brookfield’s cornerstone investors include a mix
of public and private pensions, insurance companies as well as a
commitment from Brookfield Asset Management through Brookfield
Property Partners (NASDAQ: BPY, TSX: BPY.UN).
Brookfield has a significant real estate
presence in Europe, with $31 billion of assets under management.
Its existing core-plus investments include iconic mixed-use
properties such as Canary Wharf in London and Potsdamer Platz in
Berlin.
Brookfield Asset Management
Brookfield Asset Management is a leading global alternative asset
manager with over US$515 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 New York and Toronto stock exchanges under
the symbols BAM and BAM.A, respectively. For more information,
please visit www.brookfield.com.
For more information, please contact:
Contact:Kerrie McHughSenior
Vice President, Communications and BrandingTel: (212)
618-3469Email: kerrie.mchugh@brookfield.com
Forward-Looking StatementsThis communication
contains “forward-looking information” within the meaning of
applicable securities laws and regulations. Forward-looking
statements include statements that are predictive in nature or
depend upon or refer to future events or conditions, include
statements regarding our operations, business, financial condition,
expected financial results, performance, prospects, opportunities,
priorities, targets, goals, ongoing objectives, strategies and
outlook, as well as the outlook for North American and
international economies for the current fiscal year and subsequent
periods, and include words such as “expects,” “anticipates,”
“plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,”
“projects,” “forecasts,” “likely,” or negative versions thereof and
other similar expressions, or future or conditional verbs such as
“may,” “will,” “should,” “would” and “could.”
Although we believe that our 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
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause our actual results, performance or achievements 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, but are not limited to: risks
incidental to the ownership and operation of real estate properties
including local real estate conditions; the impact or unanticipated
impact of general economic, political and market factors in the
countries in which we do business, including as a result of the
recent global pandemic caused by a novel strain of coronavirus,
COVID-19; the ability to enter into new leases or renew leases on
favorable terms; business competition; dependence on tenants’
financial condition; the use of debt to finance our business; the
behavior of financial markets, including fluctuations in interest
and foreign exchange rates; uncertainties of real estate
development or redevelopment; global equity and capital markets and
the availability of equity and debt financing and refinancing
within these markets; risks relating to our insurance coverage; the
possible impact of international conflicts and other developments
including terrorist acts; potential environmental liabilities;
changes in tax laws and other tax related risks; dependence on
management personnel; illiquidity of investments; the ability to
complete and effectively integrate acquisitions into existing
operations and the ability to attain expected benefits therefrom;
operational and reputational risks; catastrophic events, such as
earthquakes, hurricanes or pandemics/epidemics; and other risks and
factors detailed from time to time in our documents filed with the
securities regulators in Canada and the United
States . In addition, our future results may be impacted by
risks associated with COVID-19, and the related global reduction in
commerce and travel and substantial volatility in stock markets
worldwide, which may result in a decrease of cash flows and
impairment losses and/or revaluations on our investments and real
estate properties, and we may be unable to achieve our expected
returns.
We caution that the foregoing list of important
factors that may affect future results is not exhaustive. When
relying on our forward-looking statements or information, investors
and others should carefully consider the foregoing factors and
other uncertainties and potential events. Except as required by
law, we undertake 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.
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