Oaktree to transition from advising role from non-traded REIT to
BROOKFIELD, NEWS, July 15, 2021 (GLOBE NEWSWIRE) – Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM; TSX: BAM.A) and Oaktree Capital Management, LP (“Oaktree”) announced today have entered into an agreement to transfer the advisory role of Oaktree Real Estate Income Trust, Inc. (the “REIT” or “Oaktree REIT”) to an affiliate of Brookfield. Following the transition, the non-traded REIT will change its name to Brookfield Real Estate Income Trust Inc. (“Brookfield REIT”).
Brookfield REIT will be distributed by Brookfield Oaktree Wealth Solutions, a wealth management platform established to provide institutional-grade alternative investment products to individuals and high net worth investors around the world.
Going forward, Oaktree will continue to take an active role in managing certain assets of Brookfield REIT and its liquid securities portfolio. Manish Desai, current President of the REIT, will move to Brookfield to serve as President and Chief Operating Officer of Brookfield REIT.
“Oaktree has done a great job, generating strong returns for shareholders. This transition benefits shareholders going forward through the combination of Brookfield’s supply networks, operating capabilities and global footprint, while maintaining the advantage of Oaktree’s industry-leading credit expertise. Said Zach Vaughan, Managing Partner of Brookfield and CEO of Brookfield REIT after the transition.
After the transition, Brookfield REIT’s investment strategy will remain largely the same, but will include exposure to certain non-US markets where Brookfield has existing capabilities.
The transition is expected to occur in the fourth quarter of 2021. The transition and related transactions are subject to customary closing conditions, including regulatory approvals, and there can be no assurance that they will occur as described herein or at all.
Brookfield Asset Management Inc. is a leading global alternative asset manager with more than $ 600 billion in assets under management in real estate, infrastructure, renewables, private equity and credit. Brookfield owns and operates long-term assets and businesses, many of which form the backbone of the global economy. With its global reach, access to large-scale capital and operational expertise, Brookfield offers a range of alternative investment products to investors around the world, including public and private pension plans, endowment funds and foundations, sovereign wealth funds, financial institutions, insurance companies and private investors. Brookfield Asset Management is listed on the NYSE and TSX under the symbols BAM and BAM.A, respectively. For more information, please visit the Brookfield website at www.brookfield.com.
Oak is a leader among global investment managers specializing in alternative investments, with $ 153 billion in assets under management as of March 31, 2021. The company emphasizes an opportunistic, value-driven and risk-controlled approach for investments in credit, real assets, private equity and listed equities. The company has more than 1,000 employees and offices in 19 cities around the world. For more information, please visit the Oaktree website at www.oaktreecapital.com.
This communication includes certain statements which are intended to be considered “forward-looking statements” within the meaning of, and to be covered by the safe harbor provisions contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are generally identifiable by the use of the words “may”, “will”, “should”, “expect”, “anticipate”, “estimate”, “believe”, “intend”, “Continue” or other similar words or terms and include, without limitation, statements describing the pending transition described in this communication and the expected timing thereof. These statements are based on certain assumptions and analyzes made in light of our experience and our perception of historical trends, current conditions, expected future developments and other factors that we deem appropriate. These statements are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from the expressed future results, performance or achievements. or implied by these forward-looking statements. . These factors may include, but are not limited to, the occurrence of any event, change or other circumstance that could prevent the transition from occurring and the effect of the announcement of the transition on our business and people. In addition, these forward-looking statements reflect the views of the REIT as of the date on which such statements were made. Subsequent events and developments may change the views of the REIT. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of future events, new information or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements.