Brookfield raises $9 bln for second real estate fund

Toronto-based Brookfield Asset Management closed its second Strategic Real Estate Partners fund on US$9 billion, beating its US$7 billion target.

Brookfield, as it has done in past funds, made a huge GP contribution in Fund II, kicking in US$2.3 billion. The firm closed its debut Strategic Real Estate Partners fund on US$4.4 billion in 2013.

The firm, with more than US$225 billion of assets under management, raised Fund II from more than 100 institutional investors, including sovereign wealth funds, financial institutions and public and private pensions.

Fund II has already committed to invest more than US$4 billion in investments in the U.S., Europe and Brazil, and is about 45 percent deployed, the firm said in a statement Monday.

Fund II will opportunistically target a diversified portfolio of property assets in North America, Europe, Australia, Brazil and other markets.

Photo: Brookfield Asset Management CEO Bruce Flatt looks on at their annual general meeting for shareholders in Toronto, May 7, 2014. REUTERS/Mark Blinch