- Asset management giant Brookfield (BAM.A) has closed the intake for its first European-focused real estate fund
- The fund currently holds equity commitments up to C$1.77 billion, overreaching its original $1.56 billion target
- So far the fund has invested more than $77 million into the construction of a high-end office buildings one of Paris’s central districts
- The news follows banner month for Brookfield, which recently formed a strategic partnership with American Equity Investment Life
- Brookfield Asset Management (BAM.A) is down 1.81 per cent and is trading at $42.25 per share
Asset management giant Brookfield (BAM.A) has closed the intake for its first European-focused real estate fund.
The fund currently holds equity commitments up to C$1.77 billion, overreaching its original $1.56 billion target and establishing a hefty balance to begin investing in the region.
While the company has not outlined the fund’s participants, it did note strong support from its cornerstone investors, as well as interest from a mix of public and private pension plans, and insurance companies.
Head of European Real Estate at Brookfield, Zachary Vaughan, commented on the new funds rapid uptake.
“We are grateful for the strong support we have received from our cornerstone investors. We continue to see an active pipeline of opportunities for high-quality European assets with long-term growth potential that can benefit from Brookfield’s local operating expertise,” he said.
Brookfield has chosen a pivotal time to focus in on European real estate, with the recent pandemic-induced economic recession impacting housing markets across the continent.
Thus far the fund has invested more than $77 million into the construction of a high-end office buildings one of Paris’s central districts.
The new fund adds to Brookfield ever-expanding portfolio, which now reaches more than half a trillion in managed assets.
The news follows banner month for Brookfield, which recently formed a strategic partnership with American Equity Investment Life.
With a new partnership in the US and expanding assets in Europe, the company will be hoping to shake off its slumped share price, which has so far failed to fully recover from a 35 per cent plunge at the onset of COVID-19.
Brookfield Asset Management (BAM.A) is down 1.81 per cent and is trading at $42.25 per share at 12:29pm EDT.
