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Brookfield puts feelers out for investors for new Australian office RE fund

Brookfield Asset Management Inc. has plans to seek wholesale investors for its new Australian core office real estate fund, with meetings with superannuation and pension funds on the cards, according to a report by The Australian.

The fund expects to establish a portfolio of a maximum of eight prime office buildings in Sydney and Melbourne, banking on firming demand for such assets, coupled with fast-growing prices in the Australian cities.

The Aug. 3 report noted that the new fund would stand out from locally run funds because of Brookfield's huge development pipeline, which would allow its fund access to rights over the properties in the works. The asset manager is also expected to have its eye on "more established" assets for the fund as stand-out properties in its pipeline are already finding interest among its capital partners.