Brookfield Property Partners, Brookfield Asset Management’s New York-based real estate unit, will soon launch an opportunity zone fund, according to a recent Bloomberg report.
Brookfield Property Partners CEO, Brian Kingston, reportedly informed attendees at the Milken Institute Global Conference in Beverly Hills, California on Monday that, “We are launching a fund in the next month or two.”
Details relating to the fund’s size and investment criteria were not disclosed.
Brookfield joins a growing list of financial firms planning to take advantage of the tax break, including Goldman Sachs Group Inc., Starwood Capital Group, Anthony Scaramucci’s SkyBridge Capital, EJF Capital LLC and RXR Realty LLC.
The tax benefit, created by the 2017 Tax Cuts and Jobs Act, is designed to drive economic development and create jobs by encouraging long-term investments in economically distressed communities nationwide. There are currently 8,761 designated opportunity zones located throughout the U.S. and its five territories.
Brookfield Asset Management Inc. (NYSE: BAM) is an alternative asset management company with approximately $350 billion of assets under management, focusing on real estate, renewable power, infrastructure and private equity.