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