00:25:11 EDT Mon 29 Apr 2024
Enter Symbol
or Name
USA
CA



Brookfield Asset Management Ltd
Symbol BAM
Shares Issued 412,446,215
Close 2023-07-13 C$ 43.32
Market Cap C$ 17,867,170,034
Recent Sedar Documents

FP/wire say Brookfield Asset sees office prices wobble

2023-07-14 09:26 ET - In the News

The Financial Post reports in its Friday edition that Citypoint, a 36-storey office tower in London's financial district, became one of the symbols of the financial crisis when a Beacon Capital Partners fund missed a payment on loans secured by the property just over a decade ago. A Bloomberg dispatch to the Post says that as the turmoil receded, Brookfield Asset Management eventually took over the building. Now, a rise of work from home and surging interest rates mean Bank of America analysts are warning that a default on loans linked to the property is likely. The building is not alone in facing a wobble having become tangled up in problems after the 2008 crisis. An office complex in Frankfurt and towers in New York are also running into difficulties again. The various troubles highlight how low borrowing costs led many investors to become comfortable holding properties with a tarnished history, betting it would be different this time. Now, many large occupiers are focused on the best quality buildings and the relics of the last crash are struggling to hold their value, with Morgan Stanley analysts forecasting that U.S. commercial real estate prices will fall by more than they did in the financial crisis.

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