Brookfield completes transition of non-traded REIT from
BROOKFIELD, NEWS, November 03, 2021 (GLOBE NEWSWIRE) – Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A) (âBrookfieldâ) and Oaktree Capital Management, LP (âOaktreeâ) announced today the completion of the previously announced transition of the advisory role of Oaktree Real Estate Income Trust, Inc. (âOaktree REITâ) to Brookfield and renamed the non-traded REIT âBrookfield Real Estate Income Trust Inc. (â Brookfield REIT â) Or “the REIT”).
Brookfield REIT will be distributed by Brookfield Oaktree Wealth Solutions, a wealth management platform created to provide institutional-grade alternative investment products to qualified individual investors around the world. Through Brookfield REIT, individual investors can gain exposure to the same investment teams and operating standards that Brookfield applies through its more than $ 200 billion in real estate assets under management.
âWe are extremely pleased to officially launch the new Brookfield REIT, combining Brookfield’s broad global real estate business with Oaktree’s premier lending capabilities,â said Zach Vaughan, Managing Partner of Brookfield and CEO of Brookfield REIT. âWith three investment properties newly contributed by Brookfield, the total asset value of the REIT more than doubled to approximately $ 1 billion. “
Brookfield REIT’s investment strategy will largely remain the same going forward, but will include exposure to certain non-US markets where Brookfield has existing investment portfolios and operating capabilities. Oaktree will continue to play an active role in managing certain assets of Brookfield REIT and its liquid securities portfolio under sub-advisory agreements. Manish Desai, former President of Oaktree REIT, has joined Brookfield and will serve as President and COO of Brookfield REIT. Dana Petitto, Chief Financial Officer of Brookfield Real Estate Group and 16-year veteran of the organization, will assume the role of Chief Financial Officer of Brookfield REIT.
During the third quarter, the REIT completed the acquisition of 1110 Key Federal Hill, a multi-family building in Baltimore, Maryland, for approximately $ 75 million. Brookfield REIT is pursuing further short-term acquisitions in several real estate segments including multi-family buildings, logistics and others.
Brookfield Real Estate Income Trust Inc. (Brookfield REIT) is an open, unlisted, perpetual real estate investment trust that seeks to invest in a diversified global portfolio of high quality real estate investments and debt securities that offer income and capital appreciation to individual investors. Brookfield REIT is managed externally by a subsidiary of the leading global alternative asset manager Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A), one of the world’s largest real estate investors with approximately $ 219 billion. dollars in assets under management.
For more information, please visit the Brookfield REIT website at www.brookfieldREIT.com.
Brookfield Asset Management
Brookfield is a leading global alternative asset manager with approximately US $ 650 billion in assets under management in real estate, infrastructure, renewable energy, private equity and credit. Brookfield owns and operates long-term assets and businesses, many of which form the backbone of the global economy. With its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors worldwide, including public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and private investors.
Brookfield is listed on the New York and Toronto Stock Exchanges under the symbols BAM and BAM.A respectively.
For more information, please visit our website at www.brookfield.com or contact:
This communication includes certain statements which are intended to be considered “forward-looking statements” within the meaning of, and to be covered by the safe harbor provisions contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “expect”, “anticipate”, “seek”, “estimate”, “believe”, “have”. ‘intention to’, ‘project’, ‘continue’ or other similar words or terms and include, without limitation, the statements describing the pending transition described in this communication and the expected timing thereof. These statements are based on certain assumptions and analyzes made in light of management’s experience and its perception of historical trends, current conditions, expected future developments and other factors that management considers appropriate. These statements are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors which may cause the REIT’s actual results, performance or achievements to differ materially from the results, future performance or achievements expressed or implied herein. staring statements. These factors may include, but are not limited to, the occurrence of an event, change or other circumstances that could cause Brookfield’s expected contributions not to be consumed or the expected benefits of the transition. of the advisor come true. In addition, these forward-looking statements reflect the views of the REIT as of the date on which such statements were made. Subsequent events and developments could change the views of the REIT. The REIT assumes no obligation to publicly update or revise forward-looking statements, whether as a result of future events, new information or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.