Brookfield Asset Management and the Dawnay, Day have announced a joint venture to acquire and manage office properties in continental Europe. The new venture has completed its first acquisition by buying a pre-let office development in the German city of Dusseldorf for EUR 30 mln, Brookfield said in a press release.

Brookfield Asset Management and the Dawnay, Day have announced a joint venture to acquire and manage office properties in continental Europe. The new venture has completed its first acquisition by buying a pre-let office development in the German city of Dusseldorf for EUR 30 mln, Brookfield said in a press release.

The property is located in the Quartier office park near the city's International Airport. Phase I will comprise 8,258 m2 of office area, which is 85% let to Paris-based technology company Capgemini on a ten-year leasing contract. Phase II is scheduled for completion in December 2007 and will include 5,425 m2 with a four-year leasing contract.

Brookfield said the new venture will target mainly high-quality office assets involving single transaction of a minimum EUR 25 mln, with the initial focus on Germany.

Brookfield is an asset manager specialised on property and listed on the New York and Toronto stock exchanges. It has $50 bn (EUR 38.5 bn) of assets under management, including $17 bn of properties. London-headquartered Dawnay, Day group was founded in 1928 and is a privately-owned group with $7 bn (EUR 5.4 bn) under management.