Brookfield Completes Transition of Non-traded REIT from Oaktree
November 03 2021 - 5:31PM
Brookfield Completes Transition of Non-traded REIT from Oaktree
Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A)
(“Brookfield”) and Oaktree Capital Management, L.P. (“Oaktree”)
today announced the completion of the previously announced
transition of the advisory role of Oaktree Real Estate Income
Trust, Inc. (“Oaktree REIT”) to Brookfield and have renamed the
non-traded REIT “Brookfield Real Estate Income Trust Inc.”
(“Brookfield REIT” or “the REIT”).
Brookfield REIT will be distributed by
Brookfield Oaktree Wealth Solutions, a wealth management platform
established to offer institutional-caliber alternative investment
products to qualified individual investors globally. Through
Brookfield REIT individual investors can obtain exposure to the
same investment teams and operating standards that Brookfield
applies across its more than $200 billion of real estate assets
under management.
“We are extremely pleased to formally launch the
new Brookfield REIT, combining Brookfield’s vast global real estate
business with Oaktree’s leading credit capabilities,” said Zach
Vaughan, Managing Partner at Brookfield and CEO of Brookfield REIT.
“With three newly contributed investment properties from
Brookfield, the total asset value of the REIT has more than doubled
to approximately $1 billion.”
Brookfield REIT’s investment strategy will
remain largely the same going forward but will include exposure to
certain non-U.S. markets where Brookfield has existing investment
portfolios and operating capabilities. Oaktree will continue to
maintain an active role by managing certain of Brookfield REIT’s
assets and its liquid securities portfolio pursuant to sub-advisory
agreements. Manish Desai, Oaktree REIT’s former President, has
joined Brookfield and will serve as President and COO of Brookfield
REIT. Dana Petitto, Managing Director of Finance in Brookfield’s
Real Estate Group and 16-year veteran of the organization, will
serve as CFO of Brookfield REIT.
During the third quarter, the REIT completed the
acquisition of 1110 Key Federal Hill, a multifamily property in
Baltimore, Maryland, for approximately $75 million. Brookfield REIT
is pursuing additional near-term acquisitions across multiple
property sectors, including multifamily, logistics and others.
Brookfield REITBrookfield Real
Estate Income Trust Inc. (Brookfield REIT) is a public, non-traded,
perpetual-life real estate investment trust that seeks to invest in
a diversified, global portfolio of high-quality real estate and
debt investments that provide stable, recurring income and capital
appreciation to individual investors. Brookfield REIT is externally
managed by a subsidiary of leading global alternative asset manager
Brookfield Asset Management Inc. (NYSE: BAM; TSX: BAM.A), one of
the world’s largest investors in real estate with approximately
$219 billion of assets under management. For more information,
please visit Brookfield REIT’s website at
www.brookfieldREIT.com.
Brookfield Asset Management
Brookfield is a leading global alternative asset manager with
approximately US$650 billion of assets under management across real
estate, infrastructure, renewable power, private equity, and
credit. Brookfield owns and operates long-life assets and
businesses, many of which form the backbone of the global economy.
Utilizing its global reach, access to large-scale capital and
operational expertise, Brookfield offers a range of alternative
investment products to investors around the world — including
public and private pension plans, endowments and foundations,
sovereign wealth funds, financial institutions, insurance companies
and private wealth investors.
Brookfield is listed on the New York and Toronto
stock exchanges under the symbol BAM and BAM.A respectively.
For more information, please visit our website
at www.brookfield.com or contact:
MediaKerrie McHughTel: (212) 618
3469kerrie.mchugh@brookfield.com |
Investor RelationsLinda NorthwoodTel: (416)
359-8647linda.northwood@brookfield.com |
Financial Advisor ContactBrookfield Oaktree Wealth
Solutions Tel: (855) 777-8001info@brookfieldoaktree.com |
|
Forward-Looking Statements:This
communication includes certain statements that are intended to be
deemed “forward-looking statements” within the meaning of, and to
be covered by the safe harbor provisions contained in, Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements are generally identifiable by the use of the words
“may,” “will,” “should,” “expect,” “anticipate,” “seek,”
“estimate,” “believe,” “intend,” “project,” “continue,” or other
similar words or terms and include, without limitation, statements
describing the pending transition described in this communication
and the expected timing thereof. These statements are based on
certain assumptions and analyses made in light of management’s
experience and its perception of historical trends, current
conditions, expected future developments and other factors
management believes are appropriate. Such statements are subject to
a number of assumptions and involve known and unknown risks,
uncertainties and other factors that may cause the REIT’s actual
results, performance, or achievements to be materially different
from future results, performance or achievements expressed or
implied by these forward-looking statements. Such factors may
include, but are not limited to, the occurrence of any event,
change or other circumstances that could cause the expected
contributions by Brookfield not to be consummated or the expected
benefits of the adviser transition to be realized. In addition,
these forward-looking statements reflect the REIT’s views as of the
date on which such statements were made. Subsequent events and
developments may cause the REIT’s views to change. The REIT
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of future events,
new information or otherwise. Readers are cautioned not to place
undue reliance on these forward-looking statements.
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