Mr. Brian Kingston reports

BROOKFIELD CLOSES US$9 BILLION GLOBAL PROPERTY FUND

Brookfield Asset Management Inc. has held the final close on Brookfield Strategic Real Estate Partners II (BSREP II) with $9-billion (U.S.) of equity commitments, creating a global opportunistic real estate fund that will invest in a diversified portfolio of high-quality property assets in North America, Europe, Australia, Brazil and other select markets.

Total capital commitments of the fund exceeded the original $7-billion (U.S.) fundraising target, reflecting strong investor demand for real asset investment strategies. BSREP II's predecessor fund closed in 2013 with $4.4-billion (U.S.) of total capital commitments.

Investors in the fund are a diverse group of more than 100 institutional investors, including sovereign wealth funds, financial institutions and public and private pension plans. Brookfield has committed $2.3-billion (U.S.) to the fund, aligning its interests with those of investors. Brookfield's commitment will be financed through Brookfield Property Partners LP. To date, the fund has committed to invest over $4-billion in investments in the United States, Europe and Brazil.

Brian Kingston, chief executive officer of Brookfield Property Group, said: "We are grateful for the support we have received from our clients. This fundrais[ing] eclipsed our target and shows that private capital demand for real estate investment with a strong global sponsor has not abated. The fund is already 45 per cent committed, and we continue to see attractive opportunities to put capital to work around the world."