Brookfield Asset Management has closed its first European core-plus real estate fund, Brookfield European Real Estate Partnership (BEREP), with €1.14 billion ($1.34 billion) in capital commitments, blowing past its equity fundraising target of €1 billion ($1.2 billion).
Investors in BEREP included a mixture of public and private pension plans and insurance companies.
“We are grateful for the strong support we have received from our cornerstone investors,” said Zachary Vaughan, head of European real estate at Brookfield. “We continue to see an active pipeline of opportunities for high-quality European assets with long-term growth potential that can benefit from Brookfield’s local operating expertise.”
BEREP has already made its first investment: 42 rue de Paradis in Paris. The fund invested more than €50 million ($59 million) of equity in the high-quality office building.
Brookfield has been active in the real estate fundraising space as of
