Brookfield announces $5bn retail revitalization program

Brookfield announces $5bn retail revitalization program

Brookfield Asset Management has launched a ‘Retail Revitalization Program’ to recapitalize retail businesses in the major markets in which Brookfield operates globally. The compnay is targeting $5 billion to be put toward this program.

The pogram, which will be funded by Brookfield and its institutional partners, will focus on non-control investments in retail businesses to assist with their capital needs during the period of Covid-19 pandemic crisis. 

The program will focus on retail businesses that have $250 million or greater in normalized revenues and have been operating for at least two years, according to a statement on Thursday.

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This Retail Revitalization Program will be led by Ron Bloom, Managing Partner and Vice Chairman of Brookfield’s Private Equity Group, who was a principal architect of the restructuring and rejuvenation of the automobile industry on behalf of the U.S. government during the 2008 financial crisis.

“This initiative is being designed to assist medium sized enterprises in getting back on their feet. We believe this is a critical component to getting the economy moving again, and we would like to partner with companies and entrepreneurs that can draw on our capital and expertise to stabilize and grow their business,” stated Bloom.

In addition to capital, Brookfield intends to make available its resources and expertise as one of the largest global investors in both real estate and private equity, with a focus on supporting long-term business performance. “We look forward to contributing capital and expertise to support the retail sector through this time and position businesses for long-term success,” added Bloom.  

Brookfield Properties is managing and leasing one of the largest retail portfolios in the United States, encompassing 170+ locations across 43 states and representing over 146 million square feet of leasable space.

Brookfield Properties is a fully-integrated, global real estate services company that provides industry-leading portfolio management and development capabilities across the real estate investment strategies of Brookfield Asset Management, a global alternative asset manager with over $540 billion in assets under management.