Launches turnaround pool for distressed assets

(Source: Reuters)

Brookfield Asset Management and Brookfield Properties said on Tuesday they will launch a $4 billion investor consortium aimed at turning around undervalued and underperforming real estate during the “current distressed economic environment.”

The consortium will consist of Brookfield Properties, majority owned by Brookfield Asset Management, as well as a number of institutional real estate investors who have each allocated between $300 million and $1 billion.

Investments may be on an equity or debt basis, and may be implemented in a variety of ways, such as restructurings, portfolio repositionings, or redevelopments. These investments will be focused on North America, Europe and Australasia, Brookfield said.

Read the full article “Brookfield sets up $4 bln real estate consortium” in Reuters (August 11, 2009).

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