As values slide, Brookfield Asset Management plans to boost commercial real estate investment

As values slide, Brookfield Asset Management plans to boost commercial real estate investment
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Pedestrians and office workers walk past the Bay St. entrance to Brookfield Place in Toronto’s Financial District, on July 12, 2022.Fred Lum/the Globe and Mail

Not since the Great Recession, Brookfield Asset Management Ltd. BAM-T says, have there been such attractive real estate investment opportunities.

Persistently high interest rates coupled with the rise of remote working means “the best real estate opportunities since 2009 are coming,” the Toronto-based investment company said Wednesday in a letter to shareholders published alongside its second-quarter results.

The company, which owns a one-quarter stake in the asset-management business that is 75 per cent owned by Brookfield Corp., is hoping to capitalize on plunging commercial real estate valuations. Other institutional investors are remaining on the sidelines and Wall Street banks are writing down billions of dollars in commercial real estate assets.

“Given the increase in interest rates, people were ill-prepared

ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES $186.7 MILLION OF NEW MORTGAGE FINANCING AND PROVIDES UPDATE ON $121.7 MILLION OF CANADIAN ASSET SALES AND US$117.6

ARTIS REAL ESTATE INVESTMENT TRUST ANNOUNCES $186.7 MILLION OF NEW MORTGAGE FINANCING AND PROVIDES UPDATE ON $121.7 MILLION OF CANADIAN ASSET SALES AND US$117.6

WINNIPEG, MB, June 8, 2023 /CNW/ – Artis Real Estate Investment Trust (“Artis” or the “REIT”) (TSX: AX.UN) announced today that it has obtained new mortgage financing in the amount of $186.7 million and provided an update on property disposition activity since March 31, 2023.

Artis Real Estate Investment Trust Logo (CNW Group/Artis Real Estate Investment Trust)

The REIT executed the following transactions during the second quarter of 2023:

  • obtained new mortgage financing on previously unencumbered properties in the amount of $186.7 million;

  • closed on the previously announced sale of four properties in Canada for an aggregate sale price of $79.6 million and one property in the U.S. for US$28.9 million; and

  • following disclosure of Q1-2023 results on May 11, 2023, entered into unconditional agreements to sell one property in Canada for a sale price of $42.1 million and seven properties and one parcel of

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