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Brookfield Asset Management Inc. Message Board

  • bam_medusa bam_medusa Nov 24, 2012 3:45 PM Flag

    BPY, BSREP - Updates ...

    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
    deals:
    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.

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