Brookfield Asset Management Inc. announced that it has closed a specialty real estate fund focused on the acquisition of commercial retail shopping centres in Brazil. The Fund has more than $700 million of commitments, $200 million of which has been committed by Brookfield and the balance of capital committed by four institutional investors. Brookfield has considerable experience investing in Latin America, most notably in Brazil where they have strong local management team and over 100 years of operating experience.
George Myhal, Managing Partner of Brookfield Asset Management.commented that there is an increasing global investor interest in Brazil and growing demand for the types of investments that Brookfield owns and manages. Up to 40% of all shopping centre property assets in the nation’s current 601 shopping malls are already owned by pension fund institutional investors. There are 52 new malls already under construction, 23 are already in the planning stages.
The general trend of wage increases and interest rate reductions in Brazil are fuelling the purchasing power of a newly emerging and strong middle class. It is this emergence of buying power that has led to the retail property market becoming a hot market for institutional and now private investment.
With a strong period of growth and long term sustainable returns predicted from the retail sector in Brazil, ABN Amro Asset Management and Brookfield Asset Management have both launched specialist real estate funds to allow individual investors to gain exposure to the market. Brookfield Asset Management will focus their property fund to specifically target shopping centres in Brazil.
Amberlamb.com
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