Investing - Brookfield Asset Management
Investing - Brookfield Asset Management
Investing - Brookfield Asset Management
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Office – Recycling of Capital<br />
• A number of initiatives underway to recycle into more accretive endeavours<br />
– Selling assets in non-core markets when those markets are attracting significant interest<br />
– Selling non-core assets within core markets<br />
– Selling assets where we have maximized value<br />
– Targeting, on a conservative basis, minimum unlevered returns of 8% and levered<br />
returns of 12%<br />
(US$ millions)<br />
Total<br />
Buyers<br />
Total <strong>Brookfield</strong>’s<br />
Property<br />
Market<br />
Amount<br />
IRR 1 Equity<br />
IRR 2<br />
Dispositions<br />
Completed U.S. (3) $ 595 8% $ 240 47%<br />
Targeted Australia, U.S. (5) 1,100100 8% 580 22%<br />
Total $ 1,695 8% $ 820 29%<br />
Acquisitions<br />
Completed Australia (2), U.S. (5) $ 2,290 9% $ 350 14%<br />
Targeted 500 8% 200 11%<br />
Total $ 2,790 9% $ 550 13%<br />
1<br />
Gross projected IRR. Gross IRR does not reflect management fees, carried interest, taxes, transaction costs and other expenses<br />
typically borne by investors in private funds, which in the aggregate reduce the actual returns experienced by an investor.<br />
2<br />
Net IRR on sale of assets / Net projected IRR expected on acquisitions<br />
65<br />
| <strong>Brookfield</strong> <strong>Asset</strong> <strong>Management</strong> Inc.
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