Brookfield Closes €1.14 Billion European Core-Plus Real Estate Fund

Rhea-AI Summary

Brookfield Asset Management has successfully closed its first European core-plus real estate fund, the Brookfield European Real Estate Partnership (BEREP), with total equity commitments of €1.14 billion. This surpasses its initial target of €1 billion, indicating strong investor demand, particularly from public and private pension plans and insurance companies. The Fund has already invested over €50 million in its first asset, a prime office building in Paris. Brookfield manages approximately US$550 billion across various asset classes globally.

Positive

• BEREP exceeded its fundraising target, raising €1.14 billion versus an initial €1 billion.
• Attracted a diverse investor base, including public and private pension plans and insurance companies.
• Made its first investment of over €50 million in a high-quality office building in Paris.

Negative

• None.

BROOKFIELD, NEWS, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A) today announced the closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership (“BEREP” or the “Fund”), with total equity commitments of €1.14 billion.

Reflecting strong investor demand, BEREP attracted total capital commitments exceeding the original €1 billion fundraising target. The Fund’s investors include a mix of public and private pension plans, and insurance companies.

“We are grateful for the strong support we have received from our cornerstone investors,” said Zachary Vaughan, Head of European Real Estate at Brookfield. “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.”

To date, the Fund has invested over €50 million of equity in its first investment, 42 rue de Paradis, a high-quality office building in Paris.

Brookfield Asset Management
Brookfield Asset Management is a leading global alternative asset manager with approximately US$550 billion of assets under management across real estate, infrastructure, renewable power, private equity and credit. Brookfield owns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world—including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private wealth investors.

Brookfield Asset Management is listed on the New York and Toronto stock exchanges under the symbols BAM and BAM.A, respectively.

For more information, please contact:

Media Kerrie McHugh Tel: +1 212 618 3469 Email: kerrie.mchugh@brookfield.com

Media Marie Fuller Tel: +44 (0)207 408-8375 Email: marie.fuller@brookfield.com

Forward-Looking Statements

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Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business, including as a result of the recent global pandemic caused by a novel strain of coronavirus, COVID-19; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants’ financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes, hurricanes or pandemics/epidemics; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States . In addition, our future results may be impacted by risks associated with COVID-19, and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may result in a decrease of cash flows and impairment losses and/or revaluations on our investments and real estate properties, and we may be unable to achieve our expected returns.

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FAQ

What is the Brookfield European Real Estate Partnership (BEREP)?

BEREP is Brookfield's first European core-plus real estate fund, which has closed with equity commitments of €1.14 billion.

What are the key details of BEREP's fundraising success?

BEREP raised €1.14 billion, exceeding its target of €1 billion, demonstrating strong investor demand.

Where has BEREP made its first investment?

BEREP invested over €50 million in its first asset, a high-quality office building located at 42 rue de Paradis in Paris.

What is the total asset management figure for Brookfield?

Brookfield Asset Management oversees approximately US$550 billion across various asset classes globally.

Who are the investors in BEREP?

The fund attracted capital commitments from public and private pension plans and insurance companies.