Canada’s Brookfield Asset Management is looking to sell a stake in its Center Parcs resorts in the U.K., according to Britain’s Sky News.
Sky reported Friday that BAM subsidiary Brookfield Properties has opened discussions about a transaction with investors in its own funds, citing unidentified sources. The talks are believed to be in the preliminary stages.
Brookfield offered a stake after attempts to auction all of the properties “stuttered” as the company hoped to fetch £5bn. According to Sky, previous bidders included Luxembourg’s CVC Capital Partners, U.S.-based real estate investor KSL Capital Partners and Singapore’s sovereign wealth fund GIC.
The effort to sell the Center Parcs stake is coinciding with Brookfield’s attempt to divest its Atlantis Paradise Island resort in the Bahamas for a reported US$2.5 billion.
Brookfield is working with an advisor to attract potential buyer interest and could fetch that amount, Reuters and Bloomberg reported while citing unidentified sources.
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.