Brookfield Raises $9 Billion For Latest Real Estate Fund

Brookfield Raises $9 Billion For Latest Real Estate Fund

(Bloomberg)—Brookfield Asset Management Inc. raised $9 billion for its latest real estate fund, more than double the size of its its previous property fund and exceeding its target of $7 billion.

Brian Kingston, chief executive officer of Brookfield Property Partners LP, said the funds are already 45 percent committed.

"Obviously with a larger fund, it allows us to do even larger transactions than we have done in the past," Kingston said in an interview Monday. "Other than that, the basic strategy hasn’t changed."

He said the funds were raised over 12 months, much quicker than the roughly 16 months it took for its previous $4.4 billion real estate fund in 2013.

He said the fundraising saw growth in two primary areas; Asian investors and U.S. public pension funds.

Brookfield Strategic Real Estate Partners II will continue to be focused on investments where the company can take control in large-scale, deep value or distressed situations, Kingston said.

"One of our big advantages, or certainly one of the reasons people like to invest with us, is because it is a global business," he said.

He said the fund is already invested in the privatization of Associated Estates Realty Corp. last year and the pending offer to take Rouse Properties Inc.

To contact the reporter on this story: Scott Deveau in Toronto at [email protected] To contact the editors responsible for this story: Elizabeth Fournier at [email protected] David Scanlan


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