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Brookfield Properties plans to start construction next year on a 310,000-square-foot office building using a type of fortified wood.
Global real estate company Brookfield Asset Management Inc. (NYSE: BAM) is planning a nearly 1.4 million-square-foot logistics center in Bartow County. The $75 million project would cover 130 acres along Joe Frank Harris Parkway just west of Interstate 75. The site is just south of Emerson, Ga., or about 45 minutes northwest of downtown Atlanta.
PricewaterhouseCoopers LLP has leased a large block of space by Mount Vernon Square as part of a larger consolidation of its D.C.-area footprint. The professional services firm has signed a lease for 182,316 square feet at 655 New York Ave. NW, the combination of historic properties and new office development by Brookfield Properties (NYSE: BAM) and Douglas Development Corp. PwC plans to roll multiple locations into the new space, including 600 13th St. NW, which it leased in 2014 as part of a relocation from 1301 K St. NW. PwC, with about 2,600 local employees, plans to move into its new space in early 2021.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through the end of November. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 54% and 51% respectively. Hedge funds' top 3 stock picks returned 41.7% this year and beat […]
BROOKFIELD, NEWS, Dec. 02, 2019 -- Brookfield Asset Management Inc. (TSX: BAM.A, NYSE: BAM) (“Brookfield”) today announced that it has determined the quarterly dividend on its.
The Falls Church Marriott Fairview Park has traded hands for $52.2 million, more than $40 million less than what it sold for nearly a decade ago. Annapolis firm Thayer Lodging Group Inc., a subsidiary of Brookfield Asset Management (NYSE: BAM), sold the property to Lakewood Hotel Group of D.
(Bloomberg) -- Brookfield Asset Management Inc., the Canadian money manager, is holding more cash and sees distressed debt as “highly attractive” as it girds for the next recession, said Chief Executive Officer Bruce Flatt.“We have more dry powder in funds, more cash on our balance sheet,” Flatt said in an interview with BNN Bloomberg Friday in Toronto. The investment firm is “getting ready for the point where we can capitalize on situations if the markets turn. If they don’t, we’ll be fine, we’ll just keep investing.”Earlier this month, Brookfield said its assets swelled to more than half a trillion dollars at the end of the third quarter and it had over $65 billion in capital available to continue its spending spree. Holdings ballooned to almost $511 billion after the Toronto-based alternative asset manager closed its purchase of a 61.2% stake in Oaktree Capital Group at the end of the quarter.“We added the Oaktree credit franchise to our business because we think that distressed credit at some point in time will be highly attractive, it will give us another arrow in our quiver when the market turns down,” he added.Flatt said Brookfield, whose stock traded at a record high Friday in New York, is “probably better set up today than we’ve ever been, we have more access to capital than we’ve ever had.”Though Flatt doesn’t see anything to suggest a recession is imminent, he said the firm is more cautious today than it was in the 2009 financial crisis.“In 2009, every dollar we possibly had other than the ones we were keeping just in case the market went down a little more, we knew if we invested it would be fine because you knew you were buying at 50 cents on the dollar,” Flatt said.India StressThe firm is looking to make more investments in places like India, which is facing financial stress much like the U.S. in 2008-2009. Brookfield already has 6,000 people employed in operating companies in India, along with 100 investment professionals.“India, for example, has a financial crisis situation going on which is similar to what happened in the United States in 2009, probably not quite as bad, but the banks are not in great shape and non-bank financials are in trouble,” he said. “And what that means is that entrepreneurs don’t have access to capital and therefore they’re selling assets.”Flatt played down concerns about too much money chasing alternative assets and that the global shift of assets from public to private markets could trigger steeper sell-offs and exacerbate a crisis.“We’re highly diversified, we’re in all these products, we’ve added credit recently,” he said. “If many people are bidding up infrastructure in a certain country, we just don’t participate. We have 29 other countries we can go to, we have three other businesses, so we can ebb and flow our capital. The worst thing anyone can do is have too much money in one sector and need to put it to work.”He’s also not very concerned about fee compression in the areas in which it operates.“I don’t think you can commoditize most forms of alternative management,” he said. “We buy businesses and we operate them. It’s hard work to build a building, you need lots of people. We don’t think that there will be a commoditization of the alternatives business soon and maybe never.”To contact the reporter on this story: Paula Sambo in Toronto at email@example.comTo contact the editors responsible for this story: Nikolaj Gammeltoft at firstname.lastname@example.org, David Scanlan, Jacqueline ThorpeFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WeWork's failure to go public and this year's disappointing tech IPOs in the United States are a positive sign of market discipline and investor vigilance, Oaktree Capital's billionaire co-chairman Howard Marks said. WeWork abandoned plans for an initial public offering on Sept. 30 as investors questioned the office-sharing startup's growing losses, its business model and corporate governance.
(Bloomberg) -- After selling three green project bonds in the U.S. and marketing a new one in Canada, Brookfield Asset Management’s renewable power business is setting its sights on South America and Asia.The Toronto-based company is selling bonds to refinance the existing debt of a pool of four hydroelectric facilities located in Ontario, according to a S&P Global Ratings. The securities are being sold via a private placement.In Brazil, the company is gathering third party assessments on its assets -- early work needed ahead of a potential deal. In India, where the company sees the potential for “rapid growth,” a separate bond is possible in the longer term, said Julian Deschâtelets, a managing director at Brookfield’s renewable power group.With more than $50 billion of renewable power assets on four continents, Brookfield is one of the most active players in the green debt markets in North America. The company raised $1.2 billion by pricing the three bonds backed by U.S.-based assets in the past two years and Brookfield Renewable Partners has raised C$900 million of green corporate bonds in Canada over two separate deals.“We see potential for more growth in the medium term for green debt tied to our actual investments,” said Deschâtelets. “It is about diversifying sources of debt capital.”In Brazil where Brookfield has more than $3.5 billion of renewable power assets, any green debt offering would be its first of that kind out of that country. The potential for a vibrant green bond market is growing as access to cheap loans from state-owned Banco Nacional de Desenvolvimento Economico e Social is reined in under the current government.“There is a great potential for us to be active there,” he said. “For Brazil it would be a local market, local currency.”In India, Brookfield Renewable could issue green project debt in the local currency should market conditions allow, Deschâtelets said. Alternatively, it could be a dollar denominated transaction. “Right now India is more difficult” with local bank and capital markets more challenging, he said. “A lot of issuers are looking to raise capital outside.”Brookfield is in talks to invest $800 million in India’s largest green energy company ReNew Power Ltd., The Economic Times reported on Nov. 8, citing unidentified people familiar with the matter. A press officer for Brookfield declined to comment.Finally, in China, where the firm is pursuing a “measured” growth strategy, the company could consider a green debt deal at some point he said. Brookfield has a roof solar panel operation with Singapore’s GLP Pte Ltd, and the joint venture has issued an $15 million offshore green bond.Investors with green mandates make up just 15% to 20% of accounts taking part in Brookfield’s green bonds so far, Deschâtelets said.Still, it makes sense to have a presence in this asset type because that will grow, Deschâtelets said. “It will be beneficial for us to have done work and issuance because over time it will lead to pricing benefit potentially,” he said.\--With assistance from Pablo Gonzalez.To contact the reporter on this story: Esteban Duarte in Toronto at email@example.comTo contact the editors responsible for this story: Nikolaj Gammeltoft at firstname.lastname@example.org, Christopher DeReza, Rizal TupazFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Many American malls are at a crossroads. Some owners are choosing to adapt by turning parking lots into new housing units and office space.
A financial advisor for high-net-worth clients shares why current stock market highs could be a warning sign to investors and how to manage market risk.
(Bloomberg) -- Brookfield Asset Management Inc.’s said its assets swelled to more than half a trillion dollars at the end of the third quarter and it had over $65 billion in capital available to continue its spending spree.Assets ballooned to almost $511 billion after the Toronto-based alternative asset manager closed its purchase of a 61.2% stake in Oaktree Capital Group at the end of the quarter.“All of this positions us well for the coming several years,” Bruce Flatt, Brookfield chief executive officer said in a letter to investors Thursday with its quarterly results. “As our cash generation continues to grow, we will need to decide if, when, and how to return capital to shareholders.”The company’s next round of funds, including credit, should reach $100 billion, he said.Brookfield shares reached a record high of C$77.23 in Toronto and have gained 45% this year for a market value of about C$79 billion ($60 billion).Low RatesInstitutional investors are increasingly looking to alternative assets managers, like Brookfield, with interest rates low and potentially going lower when a global slowdown occurs, Flatt said.With rates in Japan and Europe already in negative territory, Brookfield believes the world is in a new phase of global rates in a range of -2% to 2% for the next five to seven years, he said.“This is particularly relevant for us and will positively impact on all asset values and businesses that generate cash,” he added.Fee-related earnings from the company before performance fees increased 35% year over year, excluding the impact of the Oaktree acquisition, which closed at quarter end, Brookfield said. Brookfield’s net income grew to $1.8 billion during the third quarter, from $941 million during the same period last year, it said.To contact the reporter on this story: Scott Deveau in New York at email@example.comTo contact the editors responsible for this story: Liana Baker at firstname.lastname@example.org, Jacqueline Thorpe, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Net Income almost doubles to $1.8 billion or $0.91 per shareFFO of $826 million or $0.80 per share BROOKFIELD, NEWS, Nov. 14, 2019 -- Brookfield Asset Management Inc..
Moody's Investors Service ("Moody's") has affirmed Reliance Industries Limited's (RIL) Baa2 domestic long-term issuer rating and foreign currency senior unsecured rating. At the same time, Moody's has affirmed the Baa2 backed domestic currency senior unsecured debt ratings on the USD denominated bonds issued by Reliance Holding USA, Inc., with a guarantee from RIL.
The developer of the $450 million project described the new tenant as just the kind of white-collar firm it's aiming to attract.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of TerraForm Global Operating LP and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
BROOKFIELD NEWS, Nov. 04, 2019 -- Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A) announced today the closing of its latest flagship global private.
WeWork says it has no plans to pull back in the Bay Area — but if it did, there would likely be no shortage of tenants eager to replace them.
Historically, bull markets in stocks and real estate bubbles, especially in commercial property, go hand in hand. The same irrational exuberance that persuades mediocre stock investors that everything they touch turns to gold also infects developers who leverage themselves to the hilt with cheap money near the peak of a cycle. In the past, the completion of record-high skyscrapers has been the proverbial bell that rings at the top of the market.
The newest multifamily building to be developed near Nationals Park in Southeast D.C. isn't open yet, but it's already nearly fully leased. Representatives for Brookfield Properties, Urban Atlantic and the D.C. Housing Authority are slated to hold a ceremonial grand opening Thursday for the Harlow, a 179-unit building at 1100 Second Place SE. The project's quick lease-up suggests demand for rental units in the Capitol Riverfront Business Improvement District remains strong amid a wave of new supply springing up around Nats Park, where the home team moved one game closer Monday night to their first World Series appearance.
Moody's Investors Service ("Moody's") today assigned a Ba3 rating to TerraForm Power Operating LLC's (TPO or yieldco) proposed issuance of up to $700 million of senior unsecured notes. Concurrently, Moody's affirmed TPO's Ba3 corporate family rating (CFR) and Ba3-PD Probability of Default rating.
With 5M and Pier 70, Brookfield Properties is orchestrating two of the biggest real estate developments in San Francisco.
While the market driven by short-term sentiment influenced by the accomodative interest rate environment in the US, increasing oil prices and deteriorating expectations towards the resolution of the trade war with China, many smart money investors kept their cautious approach regarding the current bull run in the second quarter and hedging or reducing many of […]