July 21, 2020
Weil has advised Brookfield Asset Management Inc. (Brookfield) on its initial closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership (BEREP), with total equity commitment to date of €725 million. The core-plus fund dedicated to European real estate investments continues Brookfield’s focus on establishing core-plus real estate funds in large, developed regions, which also includes funds focused on North America and Australia. BEREP committed equity in mid-April to its first investment, 42 rue de Paradis, a high-quality office building in Paris.
Brookfield’s cornerstone investors include a mix of public and private pensions, insurance companies as well as a commitment from Brookfield through Brookfield Property Partners.
The Weil team was led by Private Funds partner James Bromley, working alongside Private Funds counsel Jacquelyn Volpe, with support from associate Imaan Gangi, and Private Funds tax partner Aron Joy and associate Daniella Abel.
The initial closing was completed entirely “virtually” during the COVID-19 lockdown. Weil’s transatlantic Private Funds practice worked in conjunction with a combined New York-London Brookfield team to deliver on the closing within the backdrop of the ongoing global pandemic. The initial closing of BEREP is the most recent fundraising milestone for Brookfield, and further bolsters Weil’s extensive experience in real asset fundraisings and expertise in long-dated private fund products.