Brookfield Asset Management Inc. is a global alternative asset manager with approximately $ 250 billion of assets under management, focusing on private equity, property, renewable energy and infrastructure. The company headquarters is located in Toronto, and also has corporate offices in New York City, London, Rio de Janeiro, and Sydney.
The company was founded in 1899 as a builder and operator of electricity and transport infrastructure in Brazil; the initial name of the company "Brascan" reflects this history ("Brazil" "Canada"). The company provides electrical and tram services at SÃÆ'Â £ Paulo and Rio de Janeiro, and the Brazilian side after the split is still known as "Light", short for Traction Brasil, Light and Power Co. Ltd. Over the next century, the company expanded and is now an investor and operator of approximately $ 220 billion in real assets, with 70,000 employees in more than 100 offices in 30 different countries. Its main public subsidiaries include Brookfield Infrastructure Partners, Brookfield Renewable Partners, Brookfield Property Partners, and Brookfield Business Partners.
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Aset
Offering corporate asset management to institutional investors is focused on tangible assets, but also includes alternative type investments, structured financial products, traditional fixed income and equity, and limited risk reinsurance. In addition, Brookfield Asset Management has significant shares in real estate services companies offering home relocation, property valuation, moving services and home transaction closing services, and capital market services, including financial advisors, securities underwriting, and property brokers. Brookfield Asset Management invests through a public company, registered and through private funds. The institutional clients of the company mainly include governments, state funds, pensions, institutions, companies, and high-value individuals.
Brookfield has $ 23 billion of assets under management in Canada, $ 138 billion invested in the United States, $ 19 billion invested in Asia Pacific, $ 20 billion in South America and $ 32 billion in Britain, Western Europe and the Middle East. Its main real estate investments include Brookfield Place (formerly known as the World Financial Center) in New York, Brookfield Place in Toronto, Canary Wharf in London (owned by the Sovereign Qatar Sovereign Fund), Potsdamer Platz in Berlin, Bank of America Plaza in Los Angeles, Bankers Hall in Calgary, Darling Park in Sydney, and Brookfield Place in Perth.
Brookfield's infrastructure assets include utilities: electricity and gas distribution; transportation: railway and terminal and coal port; energy transmission and communications infrastructure.
Brookfield's renewable power assets include hydroelectric and wind power assets.
Brookfield's private equity business focuses on tangible assets through ownership and operations in business services, industrial operations and residential development services industries.
Maps Brookfield Asset Management
Management
J. Bruce Flatt is a senior managing partner and chief executive officer. Mr. Flatt was appointed to this position in February 2002 after serving as chief executive officer of Brookfield Properties since 2000. He was trained as an accountant at Clarkson, Gordon and Company, now part of Ernst & Young. In fiscal year 2014, the basic compensation was $ 6.65 million.
Mr. Flatt is a senior managing partner and executive director of the company, and on behalf of the company is the chairman and director of GGP. Mr. Flatt previously served as a board member for Fraser Papers and Norbord Incorporated. Mr. Flatt has a business degree from the University of Manitoba.
History
1899-1979
In 1899, SÃÆ'Â ° o Paulo Railway, Light and Power Company was founded by William Mackenzie, Frederick Stark Pearson and others. (The word "Railway" will later be changed to "Tramway.")
In 1904, the Tramway in Rio de Janeiro, Light and Power Company was founded by the Mackenzie group.
In 1912 Traction of Brazil, Light and Power Company Limited was established in Toronto as a public company to develop hydro power operations and other utility services in Brazil, becoming the parent company for the two previous companies.
In 1916 the Great Lakes Power Company Limited was established to provide hydro-electric power in Sault Ste. Marie and the Algoma District in Ontario.
In 1966, the Brazilian Traction, Light and Power Company Limited changed its name to Brazil Light and Power Company Limited.
In 1969 Light Brazil and Power Company Limited changed its name to Brascan Limited (BL)
In 1979, the assets of Brazilian companies were transferred to Brazilian ownership (eg, Eletropaulo and Light S.A. - now AES Eletropaulo), while the company diversified into other areas.
2005-2009
Mergers and acquisitions
In 2005, the company changed its name to Brookfield Asset Management (BAM). As part of a number of purchases in 2007, Brookfield acquired Multiplex for $ 6.1 billion and named it Brookfield Multiplex. In 2016 the company is re-branded as Multiplex. The company also acquired Longview Fiber Company, extending its forest platform to 2.5 million acres (10,000 km²). In 2008, Brookfield Infrastructure Partners spun from the parent company, and then joined the Australian Infrastructure Premier in a $ 1 billion deal.
Birch Mountain class action
The class action lawsuit Mount Birch has consistently been dismissed, with the judge finding in favor of Brookfield and against the plaintiff. In a process overseen by an Alberta court, PricewaterhouseCoopers (PwC) was appointed recipient of Birch Mountain Resources in November 2008 after Birch Mountain failed to pay its debts. The Birch Mountain asset was transferred to Tricap Partners Ltd., now operating under Hammerstone Corporation, a subsidiary of Brookfield Special Situations Group, for approximately $ 50 million.
A group called Birch Mountain Shareholders for Justice filed a lawsuit against Brookfield Asset Management on September 22, 2010 with High Court of Justice in Ontario, Canada. The lawsuit challenges the acquisition and transfer of assets from a public company, Birch Mountain Resources, to Hammerstone Corporation.
The case was dismissed in its entirety, after the judge ruled it has no legal reward in April 2015. On May 25, 2015, the plaintiff filed an appeal notice in this case, at McDonald v. Brookfield Asset Management Inc. in the Alberta Appellate Court. The appeal was heard on June 15, 2016 on the MegaQuarry Hammerstone Project in Alberta. On December 5, 2016, the Alberta Court of Appeals again dismissed the case, stating that the appeal was unfounded.
2010-2012
The launch of Brookfield Renewable Energy Partners
In 2010, Brookfield Renewable Energy Partners was launched as a listed power company listed on the stock exchange, with a portfolio of hydro and wind power plants in Canada, the United States and Brazil.
General Growth Properties
Also in 2010, Brookfield led the restructuring of the successful General Growth Property, the second-largest owner of a US shopping mall, out of bankruptcy after dismissing Simon Property Group's effort to acquire GGP. In 2011, the company increased its share from General Growth Properties to 38%. In 2012, Brookfield shares in GGP grew to 42%, prompting investor activist William Ackman to request that GGP create a special committee not affiliated with Brookfield to consider selling to Simon. On December 31, 2012, Pershing Square agreed to sell its stock portfolio in GGP to Brookfield and reached a four-year agreement to become a passive investor in a shopping center company. In May 2014, Pershing Square has sold all of its shares in GGP.
Kerzner's demands
In January 2012, two hedge fund creditors, Trilogy Portfolio Co and Canyon Value Realization Fund LP, in a loan with Brookfield, filed a lawsuit at Delaware Chancery Court in Wilmington asking the court to withhold Brookfield's attempts to acquire Kerzner International property from the closing. In the lawsuit, hedge funds alleged that Brookfield was involved in a "bold self-acceptance" and collusion with junior PCCP lender and service provider Wells Fargo to finalize an agreement in violation of the loan agreement. The court gave a temporary order pending trial. Brookfield later canceled his offer to buy the property. Brookfield left after a Delaware magistrate issued an order. Both hedge funds then agreed on a restructuring that allowed Brookfield to acquire One & amp; Only Ocean Club in Bahamas, Atlantis Paradise Island Resort in Bahamas, and One & amp; Only Palmilla Resort in Mexico. Brookfield then sells One & amp; Only Ocean Club for Industrial Access is $ 140 million.
SÃÆ' Â £ o Paulo, Brasil
In 2012, the Brazilian authorities announced that they are investigating allegations that an executive at Brookfield bribed a building official of SÃÆ' Â £ o Paulo to obtain the necessary permits to renovate three shopping centers. The allegations were made by Daniela Gonzalez, former chief financial officer of a Brookfield subsidiary in Brazil, who was sacked by Brookfield in 2010. The reported alleged bribe amounted to $ 789,851. Silvio Antonio Marques, a state prosecutor SÃ
In 2012, the company announced plans to release its global ownership to shareholders at Brookfield Asset Management by distributing units within the new entity, Brookfield Property Partners.
City of London acquisition
In June 2012, Brookfield Office Properties announced plans to acquire a portfolio of three office buildings and building sites in London City for $ 829 million from Hammerson Inc., a UK real estate company focused on retail development.
Invest in Brazil, Chile and Maine
In July 2012, the operator of the Brookfield Expressway and Spain, Abertis announced plans to acquire a toll road network in Brazil. At the same time, Brookfield gained complete control of the toll road assets in Chile. In December 2012, Brookfield Renewable Energy Partners agreed to acquire a portfolio of 19 hydro power plants in Maine from Nextera Energy Resources LLC for $ 760 million.
2013
MPG_Office_Trust_Inc. MPG Office Trust Inc. MPG_Office_Trust_Inc.
On April 26, 2013, Brookfield Office Properties makes an offer for MPG Office Trust Inc. and announced plans to create a new $ 1.15 billion fund that will hold seven MPG and Brookfield office buildings in Los Angeles.
Brookfield Cold Storage launched
In June 2013, Brookfield private equity funds acquired two Canadian cooling facilities, in Toronto and Calgary, from Millard Refrigerated Services, launching a new national company, Brookfield Cold Storage.
Longview Timber and Longview Fiber Sales
In June 2013, Brookfield also announced two separate $ 3.65 billion deals that saw the sale of its Longview Timber unit to Weyerhauser for $ 2.65 billion, and Longview Fiber Paper and Packaging sales to Kapstone Paper and packs worth $ 1 billion. Brookfield bought the company in 2007 with a $ 1 billion equity. In commenting on the transaction, Kapstone chairman and CEO Roger Stone said: "The Longview team is organizing the transformations that really, in my experience, are the most amazing I've seen in 55 years in the industry."
Carson Block mentions Brookfield in the article
In July 2013, the New York Times posted an article by the short Carson Block of Muddy Waters LCC seller citing Brookfield as one of a number of companies incorrectly taking into account the risks of investing in Brazil.
Acquisition of International Industrial Developments
In August 2013, Brookfield Property Partners acquired Industrial Developments International, owner of an Atlanta-based distribution facility, from Japanese construction company Kajima Corp., in a $ 1.1 billion deal.
2014
Texas Utility Energy
Brookfield was revealed to be a significant creditor in the bankrupt Texas Utility Energy Future Holdings arm, as a holder of debt in a subsidiary of Texas Competitive Electric Holdings.
Acquisition of Irish wind farm
In March 2014, Brookfield Renewable Energy acquired a portfolio of $ 680 million Irish wind farms as part of privatization by the Irish government.
2015
Canary Wharf
Brookfield Property Partners and Qatar Investment Authority acquired the holding company for Canary Wharf real estate development in London for 2.6 billion. Brookfield is the largest buyer of European real estate by 2015.
Acquisition of GrafTech, Palladium and Armtec North America
Brookfield's private equity arm, Brookfield Capital Partners, acquired a number of industrial companies, including GrafTech International, North American Palladium and Armtec.
Related Plantations
Brookfield Property Partners acquired the Associated Estates apartment owners for $ 1.7 billion after the company filed for sale.
Asciano Limited
In August 2015, Brookfield Infrastructure offered approximately $ 6.6 billion for Australian railway, port and logistics company Asciano Limited. The following year, the business of Patrick's Asciano Container Terminal belonged to a joint venture of Ports HoldCo controlled by Brookfield Infrastructure Partners, GIC Private Limited, British Columbia Investment Management Corporation, Qatar Investment Authority and Qube Holdings. Patrick Bulk and Automotive Port Services businesses belong to Brookfield Infrastructure Partners, GIC Private Limited, the British Columbia Investment Management Corporation, and the Qatar Investment Authority, changing its name to Linx Cargo Care Group.
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IsagÃÆ' Â © n
On January 13, 2016, Brookfield acquired 57% of the IsagÃÆ' Â © n power plant, in Colombia, for $ 6.48 trillion (COP) ($ 2.03 billion USD). The company then increased its interest to 100% by the end of the year.
Potsdamer Platz
In early 2016, Brookfield announced that it was partnering with Korea Investment Corp to buy large pieces of Potsdamer Platz in Berlin, gaining a total of 17 buildings. The total acquisition price is $ 1.41 billion. In announcing the transaction, Brookfield Property Partners chairman Ric Clark said the company is looking for additional world-class assets.
Renamed Brookfield Renewable Partners L.P.
On May 10, 2016 Brookfield Renewable Energy Partners L.P. changed his name to Brookfield Renewable Partners L.P. Stock symbols (TSX: BEP.UN - NYSE: BEP) and CUSIP remain the same.
Brookfield Business Partner Launch
In June 2016, Brookfield completed a spin-off from Brookfield Business Partners, a major public vehicle in which Brookfield will own and operate business services and industrial operations from its private equity group.
PetrÃÆ'³leo Brasileiro SA
Brookfield Infrastructure announced in September that, together with its investment partners, they will acquire a 90 percent stake in Brazil's natural gas pipeline from PetrÃÆ'³leo Brasileiro SA.
Odebrecht Ambiental
In October, Brookfield Business Partners and its institutional partners bought a 70 percent stake in Brazil's largest privately owned water and waste company, Odebrecht Ambiental, in a $ 908 million deal. Under its new ownership, the business was renamed BRK Ambiental.
2017
Greenergy Fuels and Maax Bath
Brookfield Business Partners and its institutional partners agree to acquire an 85 percent controlling stake in Greenergy Fuels Holdings Ltd, a leading provider of road fuel in the UK. The company also reached an agreement to sell Maax Bath, a bathroom equipment company, to the American Bath Group.
Company Loblaw
In April 2017, the company announced an agreement to purchase 100% gas pump operation from Loblaw Companies, Canada's largest retailer.
src: www.crainscleveland.com
See also
- Edper Investments, Bronfman's parent company that controlled Brascan from 1979-1993.
- List of real estate companies in Canada
src: static.seekingalpha.com
References
src: www.crainscleveland.com
External links
- Brookfield Asset Management
Source of the article : Wikipedia
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