Brookfield Real Estate Income Trust Inc., a publicly registered non-traded REIT formerly known as Oaktree Real Estate Income Trust, has added six properties to its real estate portfolio for $570 million.
The latest acquisitions include the 15-acre DreamWorks Animation Campus in Glendale, California purchased for $326.5 million, two newly built multifamily properties purchased for $172 million, and three logistics facilities purchased for $71 million.
With these new acquisitions, Brookfield REIT’s total asset value has grown to approximately $1.5 billion.
The DreamWorks Animation Campus is a 500,000-square-foot facility, located in Los Angeles’ media district, serves as DreamWorks’ headquarters and includes all essential infrastructure for the creation of animated films and television series including production and motion-capture studios, green rooms, a commissary and a 165-seat theater. The seven-building campus houses approximately 1,500 employees at the studio – including artists, animators, technologists and engineers. DreamWorks has occupied the facility for more than 20 years and its current lease runs until 2035.
Last week, Brookfield REIT completed the acquisitions of two apartment buildings totaling 445 units. The REIT purchased Flats on Front, a 273-unit property located in the North Waterfront District of Downtown Wilmington, North Carolina next to the new Riverfront Park and proximate to various lifestyle amenities. It also added Verso Apartments, a 172-unit property in Downtown Beaverton, a suburb of Portland.
Brookfield REIT also recently purchased more than 500,000 square feet of fully-leased logistics real estate through three individual transactions. Located in in-fill markets across the U.S., these facilities include 6123-6227 Monroe Court, a 208,000-square-foot property in Chicago submarket of Morton Grove; 8400 Westphalia Road, a 100,000-square-foot property in Washington, DC submarket of Upper Marlboro, Maryland; and McLane Distribution Center, a 211,000-square-foot property in Lakeland, Florida, situated between Tampa and Orlando.
“With the acquisition of these diverse assets in addition to the three properties Brookfield contributed to the REIT in November, we have nearly tripled the total asset value of the REIT following the advisory transition from Oaktree to Brookfield,” said Zach Vaughan, CEO of Brookfield REIT. “We are excited to enter the studio and creative real estate sector while partnering with an innovative tenant and to apply our deep operating expertise in the apartment and logistics sectors to manage these new properties.”
Brookfield Real Estate Income Trust, which seeks to invests in a diversified, global portfolio of real estate and debt investments, is externally managed by a subsidiary of global alternative asset manager Brookfield Asset Management Inc. (NYSE: BAM), one of the world’s largest investors in real estate with approximately $237 billion of assets under management. The REIT launched its offering in April 2018, and as of October 2021, raised $316.4 million in investor equity.