Brookfield Sets $15B Target for Fifth Flagship Real Estate Fund
Brookfield Asset Management Ltd. is aiming to raise $15 billion for its fifth flagship real estate fund, $2 billion less than its predecessor, Bloomberg News reported. The fundraising occurs as commercial property markets are beset by higher borrowing costs.
Among the world’s largest owners of prime office properties, BAM is seeing attractive value entry points, President Connor Teskey told shareholders last month. He added that investors “believe that this could be a tremendous vintage for us, and therefore, there is lots of interest.” Only a small percentage of the equity in the firm’s current flagship real estate funds is invested in office properties.
In a letter to shareholders, Brookfield CEO Bruce Flatt wrote, “We have always focused on owning premier real estate in the best locations, which is why 95% of our office portfolio is either trophy or Class A office space that continues to vastly outperform the broader market.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).