Last week, BAM pushed out another amendment (no.4) to the Brookfield Property Partners (BPY)
prospectus (Form 20-F/A). I'm not impressed with the level of disclosure about their
opportunistic investments, but it's such a small component of BPY that they can
claim they are "non-material".
Brookfield Strategic Real Estate Partners (BSREP) is BAM's latest opportunistic
real estate fund. They raised $2B and hope to close it at around $3.5B.
BSREP teamed up with BPO to buy Thakral Holdings Group. Recently,
BSREP closed its acquisition of Verde Realty, an industrial property REIT.
Digging around I found that BSREP is working/closing on three more
1) Southern California office portfolio
BSREP is acquiring the SoCal office portfolio of Broadreach Capital Partners,
a portfolio of 18 properties (1M sf) in southern California. The portfolio
had initially been acquired by Broadreach from the Shidler Group for $209M in 2006.
2) B&B Multifamily
I'm not totally sure here ... but it looks like BSREP is going after some of the
distressed Babcock & Brown multifamily portfolios. B&B Multifamily
imploded with four big loans backed by 64 multiresidential properties (18,182 units):
FX1 ($157.4M - 13 properties - 4,990 units), FX2 ($197.9M - 17 properties - 5,154 units),
FX3 ($195.1M - 14 properties - 3,719 units), and FX4 ($193.9M - 20 properties - 4,958 units)
3) "Marina Village"
No details on this deal yet.