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.