The New York-based real estate subsidiary of Brookfield Asset Management Inc. is looking to raise $1 billion for a fund, with a view to investing in six projects in designated U.S. opportunity zones, Bloomberg News reported, citing people with knowledge of the matter.
The projects include residential developments in Brooklyn and the Bronx, N.Y., and a shopping center in Connecticut, the news outlet reported, citing the unnamed sources.
The company is already working on various projects in opportunity zones. Two of the projects, a 22-acre site in Brooklyn and a shopping center in a zone in Norwalk, Conn., would form part of the new fund, one of the sources said.
A Brookfield representative declined to comment, according to Bloomberg.