Brookfield Asset Management executives are pointing to more large commercial real estate investments in 2024 as the company continues to raise large amounts of capital.
Company leaders expressed considerable optimism Monday about 2024 during a conference call with reporters and analysts to discuss third quarter financial results. Toronto-based Brookfield expects its flagship real estate fund to raise more than $4 billion.
With $61 billion raised to date, the company’s overall fundraising program is on track to have its largest year ever and remains on pace for $150 billion.
In a letter to shareholders, president Connor Teskey and CEO Bruce Flatt said the opportunistic real estate fund deployed $2 billion, including $400 million on North American logistics, in the third quarter.
“Transaction activity is picking up and 2024 should be one of the best years we have seen in a while for investment,” the two executives wrote.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.