Varia US Properties AG, the Swiss-listed investor in the U.S. multifamily sector that is externally managed by global alternative investment group Stoneweg, has signed an agreement with affiliates of Brookfield Asset Management to recapitalize 13 of its 17-property U.S. multifamily portfolio, through a newly formed two-vehicle joint venture.
The 13 properties, comprising 4,112 units located across nine U.S. states, have been divided into two newly formed vehicles, with an aggregate gross asset value of approximately $694 million:
A four-property, 1,060-unit portfolio, with a GAV of approximately $178 million. Brookfield will hold a 90 percent equity interest and may provide up to $200 million of additional equity capital to fund future acquisitions, with Varia US retaining a 10 percent equity interest.
A nine-property, 3,052-unit portfolio, with a GAV of approximately $516 million. Brookfield will hold a 40 percent equity interest with Varia US retaining
