Fidelity Investments Canada ULC is partnering with Brookfield Asset Management (NYSE: BAM) on an endeavor where Brookfield will invest in and manage a newly formed portfolio of “high quality” Canadian real estate assets on behalf of Fidelity.
According to the companies, Fidelity will allocate this portfolio to several of its private investment pools and will also explore other opportunities to utilize this portfolio. The new portfolio will provide individual Canadians with access to investment opportunities in investing in private real estate, an asset class which is usually aimed at institutional investors.
“Fidelity has a long history of harnessing our global resources and augmenting these with external expertise where it makes sense to bring innovative, actively managed strategies for clients,” said Andrew Wells, president and head of Fidelity Canada. “Brookfield is a respected global organization with an impressive track record in private real estate, and we are pleased to work collaboratively with them to add another tool in our toolbox, as we plan to expand our offerings and build a new private real estate market portfolio.”
“We are pleased to be working with Fidelity to bring the benefits of private real estate to individual investors in Canada,” said Brian Kingston, CEO of Brookfield’s real estate business. “The portfolio will further scale our real estate asset management franchise and will aim to provide strong returns for investors by leveraging our best-in-class real estate operating platforms.”
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