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Brookfield Asset Management Eyes Large Investments
Brookfield Asset Management is planning large global investments as property values plummet due to economic pressures.
Toronto-based BAM is on track to raise a record US$150 billion in capital in 2023, the company said in its second-quarter earnings report.
“Over the next 12 to 18 months, you are going to see some very significant transactions by us or others, hopefully us,” CEO Bruce Flatt said on a conference call with analysts.
Real estate accounted for one-third – $5 billion – of BAM’s $15 billion worth of asset sales in the first half of 2023, the company reported. The remaining $10 billion in sales involved infrastructure.
High interest rates, inflation, large debt and tightened lender requirements are forcing investors out of stressed commercial property markets across the globe, said BAM in a letter to shareholders also released Wednesday. U.S. markets have been particularly affected.
“The best real estate opportunities since 2009 are coming,” said the company in its letter.