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Alternative Market Briefing

Brookfield Asset Management hits an initial $829m close for its first European core-plus real estate fund

Monday, July 20, 2020

Laxman Pai, Opalesque Asia:

The global alternative asset manager Brookfield Asset Management announced the initial closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership (BEREP), with total equity commitment to date of €725 million ($829m).

The core-plus fund dedicated to European real estate investments continues Brookfield's focus on establishing core-plus real estate funds in large, developed regions, which also includes funds focused on North America and Australia, informed the investment management services provider with over US$515 billion of assets under management.

BEREP committed equity in mid-April to its first investment, 42 rue de Paradis, a high-quality office building in Paris.

"Evolving market dynamics are creating new opportunities and a substantial pipeline in core-plus real estate throughout Europe," said Zachary Vaughan, Head of Europe Real Estate at Brookfield. "This fund, combined with our on-the-ground presence and operations across Europe, should continue to serve us well over the long term."

Brookfield's cornerstone investors include a mix of public and private pensions, insurance companies as well as a commitment from Brookfield Asset Management through Brookfield Property Partners.

Brookfield has a significant real estate presence in Europe, with $31 billion of assets under management. Its existing core-plus investments include iconic mixed-use properties such as Canary Wharf in Lo......................

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