Brookfield will buy majority share of Oaktree
62 percent of Oaktree Capital Management will be acquired by Brookfield Asset Management. The Oaktree board unanimously announced the agreement.
Both Brookfield and Oaktree will continue to operate their businesses independently, led by its existing management and investment teams. Howard Marks, co-chairman of Oaktree, will join Brookfield’s board of directors.
Bruce Flatt, CEO of Brookfield, said in statement, “As we continue to strategically grow Brookfield, we are thrilled to be partnering with Oaktree and with its exceptional management team whose credit business is second to none. This transaction enables us to broaden our product offering to include one of the finest credit platforms in the world, which has a value-driven, contrarian investment style, consistent with ours.”
Both Brookfield and Oaktree have been busy adding assets to their portfolio over the past year.
Oaktree Capital has focused on office properties in metros across the U.S. and Canada, picking up assets in joint ventures in Tampa, Fla., San Francisco, Orange County, Calif. and Calgary, Canada. The firm also picked up a $134 million office tower in Charlotte, N.C., in May of 2018.
Brookfield Asset Management closed on its largest real estate fund to date, raising $15 billion for its global private real estate fund, Brookfield Strategic Real Estate Partners III. In April 2018, Brookfield Property Partners acquired retail owner GGP Inc., for $15.2 billion, while late last year, Brookfield Asset Management closed on its purchase of Forest City Realty Trust for $11.4 billion.
Source: CP Executive
Fulya Altunyay/ [email protected]