Brookfield Asset Administration is about to launch its seventh actual property debt fund this 12 months, because it sharpens its concentrate on the US industrial actual property sector.
The Toronto-based asset supervisor stated it has roughly $106bn (£85bn) in dry powder to speculate into new transactions.
Reporting its first quarter earnings, the agency stated that it was significantly bullish on US industrial actual property alternatives, hinting that it could improve these investments within the coming months.
“Notably in our actual property flagship, that is the place we’re actually seeing the market opening up,” stated Brookfield’s president Connor Teskey.
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“And traders are seeing the upside and the rebound in that asset class and trying to get an growing quantity of publicity.”
The corporate has already raised $8bn for its most up-to-date actual property flagship fund, and is about to launch the seventh iteration of the fund later this 12 months.
On an earnings name to mark the primary quarter outcomes, Brookfield’s managing director Bruce Flatt stated that the agency accomplished virtually $15bn in financing for its actual property enterprise throughout the first three months of 2024. This included $4bn in its workplace portfolio.
Learn extra: Brookfield invests $1.5bn in non-public credit score supervisor Castlelake
Flatt added that the corporate has additionally refinanced $18bn total at decrease debt prices than its earlier borrowings.
Brookfield reported distributable earnings of $1.22bn for the primary quarter, up from $1.16bn throughout the identical quarter final 12 months.
Income for the quarter totalled $22.91bn, representing a slight drop from $23.30bn within the first quarter of 2023.
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