After a year’s fund-raising Brookfield Asset Management has taken in $2.1bn at the first closing of its global opportunistic fund, Brookfield Strategic Real Estate Partners.
About half the capital is from Brookfield itself, which is investing via Brookfield Property Partners, the real estate arm the company will float later this year. The remaining capital is from 11 mainly US investors. The largest will be offered additional co-investment opportunities outside the fund.
BSREP’s investment strategy will follow that of Brookfield’s turnaround consortium, a club established with $5.5bn of capital in 2009. That vehicle recapitalised the US’s largest shopping centre REIT, General Growth.
Brookfield’s UK listed office arm, Brookfield Office Properties, has agreed to buy six mainly City offices and developments, with a total area of 1.74m sq ft, from Hammerson – its first large deal here since buying into Great Portland Estate’s Bishopsgate development.