Brookfield Asset Management Inc. is poised to launch an Australian core office fund seeded with A$1.4 billion of assets held on the global alternative asset manager's balance sheet, IPE Real Assets reported, citing industry sources.
The news outlet quoted one of the potential investors as saying that they received documentation about the new fund from Brookfield about four weeks ago.
The investor added that Brookfield plans to seed the fund with some of its high-profile office projects, including a 50% interest in the A$1.8 billion Wynyard Place project in Sydney, its stake in the new A$800 million National Australia Bank headquarters in Melbourne, two other office towers in Sydney and an office tower in Perth.
According to the publication, Brookfield will invest A$145 million into the fund and will likely source its capital from outside of Australia.
A Brookfield spokesperson declined to comment on any yet-to-be-launched fund, IPE Real Assets added.