Brookfield property fund for rich investors drops as rates rise
BNN Bloomberg
A Brookfield Asset Management Inc. property fund for affluent investors posted its second consecutive monthly decline in December as rising interest rates weigh on the industry.
Brookfield Real Estate Income Trust dropped 1.6 per cent in December, following a 1.9 per cent decline in November. The fund has had only one other losing month since its inception in 2019, according to its disclosures.
Despite the weak results to end the year, Brookfield REIT still gained 12.7 per cent in 2022. The US$2.4 billion fund holds apartment buildings, offices and logistics properties, primarily in the US. A year ago, it bought DreamWorks Animation’s campus in California for US$327 million — its largest single purchase.
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