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Be the first with the news that moves the market- Brookfield Asset Management (TSX:BAM.A) is launching a C$5 billion Retail Revitalisation Program
- The program is designed to assist with the recapitalisation of retail businesses within Brookfield’s current markets of operation
- It will be led by Ron Bloom, Managing Partner and Vice Chairman of Brookfield’s Private Equity Group
- The company also intends to offer support through the provision of resources and expertise
- Brookfield Asset Management (BAM.A) is currently up 2.38 per cent to $46.86 per share, with a market cap of $73.7 billion
Brookfield Asset Management (TSX:BAM.A) is launching a C$5 billion Retail Revitalisation Program.
Headquartered in Toronto, the company is one of the world’s largest asset management firms, with interests in real estate, renewable power, infrastructure and private equity.
Its latest initiative is designed to assist in the recapitalisation of retail businesses with operations in Brookfield’s existing markets of interest.
In collaboration with its institutional partners, Brookfield will focus on non-controlling investments to provide much needed capital during the current period of dislocation.
The targeted retail businesses will primarily have at least $250 million in normalised revenue, with an operating history of two years or more.
The Retail Revitalisation Program will be led by Ron Bloom, Managing Partner and Vice Chairman of Brookfield’s Private Equity Group, who helped to facilitate the rejuvenation of the automobile industry on behalf of the US government during the 2008 financial crisis.
“This initiative is being designed to assist medium sized enterprises in getting back on their feet.
“We believe this is a critical component to getting the economy moving again, and we would like to partner with companies and entrepreneurs that can draw on our capital and expertise to stabilize and grow their business,” he said.
In addition to the proposed financial support, Brookfield also plans to offer resources and corporate expertise to solidify long-term operational performance.
“We look forward to contributing capital and expertise to support the retail sector through this time and position businesses for long-term success,” Ron concluded.
Brookfield Asset Management (BAM.A) is currently up 2.38 per cent to $46.86 per share at 1:33pm EDT.
