Brookfield holds €725m first close for first core-plus European real estate fund

Brookfield Asset Management has completed the initial closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership (BEREP), with €725 million ($827 million) in equity commitments to date.

The fund was backed by its cornerstone investors, which include a mix of public and private pensions, and insurance companies. The fund also received a commitment from the Brookfield Property Partners, a global commercial real estate company and subsidiary of Brookfield Asset Management.

Brookfield said today that the investment vehicle builds on the firm’s goal of establishing core-plus real estate funds in large, developed regions, which also includes funds focused on North America and Australia.

“Evolving market dynamics are creating new opportunities and a substantial pipeline in core-plus real estate throughout Europe,” said Zachary Vaughan, head of Europe real estate. “This fund, combined with our on-the-ground presence a