Brookfield Asset Management has raised an initial €725m for its first European core-plus real estate fund.
The Brookfield European Real Estate Partnership (BEREP) fund’s cornerstone investors include a mix of public and private pensions, insurance companies as well as a commitment from Brookfield through its publicly listed vehicle, Brookfield Property Partners.
The manager said the fund made its first investment in April this year with the acquisition of the 42 rue de Paradis office building in Paris.
Zachary Vaughan, head of Europe Real Estate at Brookfield, said: “Evolving market dynamics are creating new opportunities and a substantial pipeline in core-plus real estate throughout Europe.
“This fund, combined with our on-the-ground presence and operations across Europe, should continue to serve us well over the long term.”
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