Brookfield closes $9 billion global property fund
Brookfield Asset Management Inc., a leading global alternative asset manager with over $225 billion of assets under management, announced that it held the final close on Brookfield Strategic Real Estate Partners II with US$9.0 billion of equity commitments, creating a global opportunistic real estate fund that will invest in a diversified portfolio of high-quality property assets in North America, Europe, Australia, Brazil and other select markets.
Total capital commitments of the Fund exceed the original US$7.0 billion fundraising target, reflecting strong investor demand for real asset investment strategies. BSREP II’s predecessor fund closed in 2013 with US$4.4 billion of total capital commitments.
Investors in the Fund are a diverse group of more than 100 institutional investors, including sovereign wealth funds, financial institutions and public and private pension plans. Brookfield has committed US$2.3 billion to the Fund, aligning its interests with those of investors. Brookfield’s commitment will be funded through Brookfield Property Partners L.P. To date, the Fund has committed to invest over $4.0 billion in investments in the U.S., Europe and Brazil.
Brian Kingston, CEO of Brookfield Property Group, said, “We are grateful for the support we have received from our clients. This fundraise eclipsed our target and shows that private capital demand for real estate investment with a strong global sponsor has not abated. The Fund is already 45% committed, and we continue to see attractive opportunities to put capital to work around the world.”