Portfolio Manager Derek Warren of Morguard Financial Corporation says his firm focuses solely on real estate in North America. Brookfield Asset Management Inc (BAM) is a top holding as one of Canada’s largest real estate institutions that has over time shown exceptional growth.
“[Brookfield] has shown an ability on behalf of management to take advantage of situations as they occur across markets. From a long-term standpoint, you should be buying real estate when there is blood in the streets, and Brookfield has been able to wade into those troubled areas with capital and is able to pick quality real estate that is either from owners or financiers that are distressed,” Warren says.
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Warren points out that where Brookfield acquires it’s not the real estate that’s distressed; it’s the people who own it that are distressed. He says being able to take advantage of those situations is important.
“For example, the Brazilian economy right now is going through a turmoil, as I’m sure your press has been talking about with Madam President’s recent visit to the White House. But BAM is right now buying up Class A office buildings and shopping malls in Brazil, because over time, that is a trade that’s going to work out very well, and they are getting quality assets at distressed prices. So that’s why we like them,” Warren says.
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