(Source: The Australian)

IN its biggest property play to date, the Future Fund has committed $US1 billion ($1.1bn) to Canadian giant Brookfield’s $US5bn real estate vulture fund.

The $61bn Future Fund joins fellow sovereign wealth funds China Investment Corporation and Government of Singapore Investment Corporation in signing up for Brookfield Asset Management and Brookfield Properties’ new Investor Consortium, which will target distressed real estate debt and troubled property groups.

Brookfield Properties New York-based chief executive Ric Clark told The Australian last month six institutional investors would contribute between $US300 million and $US1bn each. “We have teamed up with a small handful of the world’s most sophisticated and deep-pocketed investors to look for restructuring and deleveraging opportunities,” Mr Clark said.

The consortium, formed in August, is yet to make an acquisition.

Read Turi Condon’s full article “Future Fund puts $1.1bn in vulture group” in The Australian (October 14, 2009).

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