Brookfield Asset Management Inc.(Brookfield) announced the initial closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership(BEREP), with total equity commitment to date of €725 million.
The core-plus fund dedicated to European real estate investments continues Brookfield’s focus on establishing core-plus real estate funds in large, developed regions, which also includes funds focused on North America and Australia, said the company in a statement.
BEREP committed equity in mid-April to its first investment, 42 rue de Paradis, a high-quality office building in Paris.
“Evolving market dynamics are creating new opportunities and a substantial pipeline in core-plus real estate throughout Europe,” said Zachary Vaughan, Head of Europe Real Estate at Brookfield. “This fund, combined with our on-the-ground presence and operations across Europe, should continue to serve us well over the long term.”
Brookfield’s cornerstone investors include a mix of public and private pensions, insurance companies as well as a commitment from Brookfield Asset Management through Brookfield Property Partners.
Brookfield has a significant real estate presence in Europe, with $31 billion of assets under management. Its existing core-plus investments include iconic mixed-use properties such as Canary Wharf in London and Potsdamer Platz in Berlin.