Canada-based Brookfield Asset Management has raised a $4.4 billion fund to buy global commercial real estate, with a focus on North America, Europe, Brazil, and Australia.
Canada's biggest alternative assets manager surpassed its $3.5 billion goal for the fund, which will make "opportunistic" investments in commercial property, according to a company announcement.
"We believe we will be investing this fund at a time when high-quality commercial property investment opportunities are available on an attractive risk-adjusted basis," Ric Clark, Brookfield senior managing partner of Brookfield Property Group, said in the release.
The company plans to buy property directly and invest in real estate companies and distressed loans and securities. Brookfield's investment approach will focus on "acquiring positions of control or influence as part of multi-faceted distressed real estate turnarounds or recapitalizations," according to the release.
The company's Brookfield Property Partners LP unit was the biggest investor with $1.3 billion. Other investors for the fund include sovereign wealth funds, public and private pension plans, endowments, and high net-worth individuals from North America, Europe, Asia, and the Middle East, the company said.
The commercial property fund has already committed about $1.1 billion to investments in Thakral Holdings Group, an Australian office and hotel owner; U.S. real estate company Verde Realty; and EZW Gazeley Ltd., a European logistics properties owner, the company states.
Last month, Brookfield announced an aggressive investment plan in Asia.