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Brookfield Asset Administration is ready to launch its seventh actual property debt fund this yr, because it sharpens its give attention to the US business actual property sector.
The Toronto-based asset supervisor stated it has roughly $106bn (£85bn) in dry powder to take a position into new transactions.
Reporting its first quarter earnings, the agency stated that it was significantly bullish on US business actual property alternatives, hinting that it might 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,” stated Brookfield’s president Connor Teskey.
Learn extra: Howard Marks makes the case for investing in debt
“And buyers are seeing the upside and the rebound in that asset class and seeking 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 stated that the agency accomplished virtually $15bn in financing for its actual property enterprise throughout 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 total 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.
Learn extra: Brookfield in talks to purchase $22bn non-public credit score agency
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