Two left on list for prime site article by Florence Chong; The Australian
A consortium of Leighton Holdings, Mirvac and Macquarie Capital has been eliminated from the tender process for a waterfront development in Sydney. The Barangaroo Delivery Authority is now considering just two groups for the $A3bn project, Lend Lease and Brookfield Multiplex. A decisions is due in early 2010. Lend Lease has extensive prior experience in developing the surrounding precinct;
Brookfield Launches US$4 Billion Real Estate Turnaround Consortium TORONTO--(BUSINESS WIRE) Aug. 11, 2009 Brookfield Asset Management Inc. (NYSE/TSX/Euronext: BAM) and Brookfield Properties Corporation (NYSE/TSX: BPO) (collectively, "Brookfield") today announced the formation of a US$4 billion Investor Consortium dedicated to investing in under-performing real estate. The Consortium will invest in equity and debt in under-valued real estate companies or real estate portfolios where value can be created for stakeholders in a variety of ways, including financial and operational restructuring, strategic direction or sponsorship, portfolio repositioning, redevelopment or other active asset management. Investments will be targeted at corporate property restructurings with a minimum US$500 million equity commitment, and pursued on a global basis, but with a focus on North America, Europe and Australasia.
In addition to Brookfield, the participants in the Consortium consist of a number of institutional real estate investors who have each allocated between US$300 million and US$1 billion to the Consortium. Brookfield has allocated US$1 billion to the Consortium with opportunities in the office sector being funded by Brookfield Properties, at its option, and opportunities in other sectors being funded by Brookfield Asset Management. The Consortium participants have expertise in investing across different geographies and property types and this expertise will be pooled together to maximum advantage in individual investment opportunities.
MXG Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held