Brookfield Asset Administration is ready to launch its seventh actual property debt fund this yr, because it sharpens its concentrate on the US industrial actual property sector.
The Toronto-based asset supervisor mentioned it has roughly $106bn (£85bn) in dry powder to take a position into new transactions.
Reporting its first quarter earnings, the agency mentioned that it was notably bullish on US industrial actual property alternatives, hinting that it could enhance these investments within the coming months.
“Notably in our actual property flagship, that is the place we’re actually seeing the market opening up,” mentioned Brookfield’s president Connor Teskey.
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“And buyers are seeing the upside and the rebound in that asset class and trying to get an rising quantity of publicity.”
The corporate has already raised $8bn for its most up-to-date actual property flagship fund, and is ready to launch the seventh iteration of the fund later this yr.
On an earnings name to mark the primary quarter outcomes, Brookfield’s managing director Bruce Flatt mentioned that the agency accomplished virtually $15bn in financing for its actual property enterprise through the first three months of 2024. This included $4bn in its workplace portfolio.
Learn extra: Brookfield invests $1.5bn in non-public credit score supervisor Castlelake
Flatt added that the corporate has additionally refinanced $18bn general at decrease debt prices than its earlier borrowings.
Brookfield reported distributable earnings of $1.22bn for the primary quarter, up from $1.16bn throughout the identical quarter final yr.
Income for the quarter totalled $22.91bn, representing a slight drop from $23.30bn within the first quarter of 2023.
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