GlobeNewswire Inc | Jul 16, 2020 07:55AM EDT

July 16, 2020

BROOKFIELD NEWS, July 16, 2020 (GLOBE NEWSWIRE) -- Brookfield Asset Management Inc. (Brookfield) (NYSE: BAM, TSX: BAM.A) today announced the initial closing of its first European core-plus real estate fund, Brookfield European Real Estate Partnership (BEREP or the Fund), with total equity commitment to date of 725million.

The core-plus fund dedicated to European real estate investments continues Brookfields 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.

Evolving market dynamics are creating new opportunities and a substantial pipeline in core-plus real estate throughout Europe, said Zachary Vaughan, Head of Europe Real Estate at Brookfield. This fund, combined with our on-the-ground presence and operations across Europe, should continue to serve us well over the long term.

Brookfields cornerstone investors include a mix of public and private pensions, insurance companies as well as a commitment from Brookfield Asset Management through Brookfield Property Partners (NASDAQ: BPY, TSX: BPY.UN).

Brookfield has a significant real estate presence in Europe, with $31 billion of assets under management. Its existing core-plus investments include iconic mixed-use properties such as Canary Wharf in London and Potsdamer Platz in Berlin.

Brookfield Asset Management Brookfield Asset Management is a leading global alternative asset manager with overUS$515 billionof assets under management across real estate, infrastructure, renewable power, private equity and credit.Brookfieldowns and operates long-life assets and businesses, many of which form the backbone of the global economy. Utilizing its global reach, access to large-scale capital and operational expertise,Brookfieldoffers a range of alternative investment products to investors around the worldincluding public and private pension plans, endowments and foundations, sovereign wealth funds, financial institutions, insurance companies and privatewealth investors.

Brookfield Asset Management is listed on theNew YorkandTorontostock exchanges under the symbols BAM and BAM.A, respectively. For more information, please visitwww.brookfield.com.

For more information, please contact:

Contact:Kerrie McHughSenior Vice President, Communications and BrandingTel: (212) 618-3469Email: kerrie.mchugh@brookfield.com

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Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause our actual results, performance or achievements to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: risks incidental to the ownership and operation of real estate properties including local real estate conditions; the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business, including as a result of the recent global pandemic caused by a novel strain of coronavirus, COVID-19; the ability to enter into new leases or renew leases on favorable terms; business competition; dependence on tenants financial condition; the use of debt to finance our business; the behavior of financial markets, including fluctuations in interest and foreign exchange rates; uncertainties of real estate development or redevelopment; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; risks relating to our insurance coverage; the possible impact of international conflicts and other developments including terrorist acts; potential environmental liabilities; changes in tax laws and other tax related risks; dependence on management personnel; illiquidity of investments; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits therefrom; operational and reputational risks; catastrophic events, such as earthquakes, hurricanes or pandemics/epidemics; and other risks and factors detailed from time to time in our documents filed with the securities regulators inCanadaandthe United States. In addition, our future results may be impacted by risks associated with COVID-19, and the related global reduction in commerce and travel and substantial volatility in stock markets worldwide, which may result in a decrease of cash flows and impairment losses and/or revaluations on our investments and real estate properties, and we may be unable to achieve our expected returns.

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