NORTH AMERICA – Brookfield Asset Management has announced the final close on the Brookfield Strategic Real Estate Partners fund.
At $4.4bn (€3.3bn), it came in well in excess of its $3.5bn fundraising target.
The fund attracted investor interest from a range of institutional investors, as well as high net worth individuals, from North America, Europe, Asia and the Middle East.
The lead investor was Brookfield Property Partners, which committed $1.3bn to the fund.
Other investors include the Teacher Retirement System of Texas, the San Francisco Employees Retirement System, the Pennsylvania Public Schools Retirement System and the New York City employee pension systems.
The fund has already invested $1.1bn – equivalent to 25% of the equity – in three holdings: Thakral Holdings Group, an Australian office and property owner; Verde Realty, a US industrial real estate company based in Houston, Texas; and EZW Gaxeley, a European logistics facilities owner.
The plan is to invest opportunistically, making direct investments in properties, as well as investing in real estate companies and distressed loans and securities.
Going forward, the fund will focus on opportunistic investments, particularly acquisitions that give Brookfield a controlling position in distressed real estate or recapitalisation deals in North America, Europe, Brazil and Australia.