May 1, 2019
Brookfield Asset Management Inc. plans to launch an opportunity zone fund focused on investment in communities the government identifies as distressed areas. The latest Brookfield fund was revealed at the Milken Institute Global Conference in Beverly Hills, CA this week by Brookfield Property Partners LP’s Brian Kingston, who indicated, “We are launching a fund in the next month or two.”
The New York-based real estate unit of the giant commercial real estate firm joins a growing list of entrants into the sector. That includes firms such as Goldman Sachs Group Inc., Starwood Capital Group, EJF Capital LLC and RXR Realty LLC.
The Opportunity Zone tax incentive program was created as part of the 2017 Tax Cuts and Jobs Act approved by Congress as part of the tax-reform bill. There are 8,700 areas across the country designated as Opportunity Zones.
*Pictured Brookfield Place Lower Manhattan
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Tags: Opportunity Zones