Adds Dallas, Tampa properties to growing portfolio
(Source: Winnipeg Free Press) Brookfield Asset Management is expanding its real estate holdings in major U.S. cities including Dallas and Tampa.
The company announced that its real estate distress fund, Brookfield Real Estate Opportunity Fund, had purchased 16 office properties with 2.9 million square feet from JPMorgan Chase for US$200 million.
The properties were inherited by JPMorgan when they acquired financial services firms like Bear Stearns Co. and the banking operations of Washington Mutual. JPMorgan has long expressed interest in unloading its real estate holdings but in this latest deal, the banking firm plans to lease back 60 per cent of the space on a long-term basis.
This is not the first deal Brookfield has struck with JPMorgan.
Read Karen Mazurkewich’s full article “Brookfield spends $200M on U.S. expansion” in the Winnipeg Free Press (February 16 2010).