Brookfield Asset Management Inc
Brookfield Asset Management is a Canadian alternative asset management company, focused on property, infrastructure, renewable power, and private equity, investing in the utilities, transport, energy, and communication infrastructure sectors.[1] The company is headquartered in Toronto,[2] with activites in the UK (37%); USA (20.3%); Canada (14.4%); Australia (10.8%); Brazil (7.9%); Colombia (2.4%); and Other (7.2%).
BAM owns and operates private equity assets primarily through their 68% interest in Brookfield Business Partners, which focuses on owning and operating high-quality businesses that benefit from barriers to entry and/or low production costs.p.62 Org. structure. Activities break down as follows:
- 58%: Real estate services;
- 16.2%: Residential development;
- 16.2%: Real estate property management: offices, commercial properties, industrial sites, hotels, etc.;
- 9.1%: Infrastructure improvement services;
- 6.6%: Energy asset management: operated 217 hydroelectric plants and 38 wind farms, located mainly in North America;
- 3.5%: Fund management: pension funds, venture capital, investment funds, etc.;
- 0.8%: Other.
- 8.52% Brookfield Asset Management PIC Canada LP
- 6.75% Royal Bank of Canada
- 3.72% AGF Management Ltd#Global Strategy Financial Inc
- 3.31% Fairholme Capital Management LLC
- 2.77% BMO Asset Management Inc
- 2.48% Vanguard Group Inc
- 2.18% Principal Global Investors LLC
- 2.15% Southeastern Asset Management Inc
- 2.02% RBC Dominion Securities Inc
- 1.95% Fidelity (Canada) Asset Management ULC
Brookfield Investment Management Inc
Brookfield Public Securities Group LLC serves institutions and individuals seeking the investment advantages of real assets through actively managed listed equity and debt strategies.[4] AR-2017
Brookfield Business Partners LP
BBU is a provider of business services, including construction services, residential real estate services and facilities management. Its operations are primarily located in the UK, USA, Australia, Canada, and the Middle East. It operates through 5 segments:
- Construction services: construction management and contracting services.
- Business services: commercial and residential real estate services, facilities management, logistics and financial services.
- Energy operations: include oil and gas production, and related businesses.
- Industrial operations: select manufacturing and mining operations.
- Corporate and other
- 32.5% Brookfield Asset Management PIC Canada LP[7][8]
- 14.5% OMERS Administration Corporation
- 3.56% CIBC Asset Management Inc[9]
- 2.20% CI Financial Corporation#CI Investments Inc[10][11]
- 1.28% BMO Asset Management Inc
- 0.92% Connor, Clark & Lunn Investment Management Ltd
- 0.69% Principal Global Investors LLC
- 0.53% RBC Dominion Securities Inc
- 0.50% Vestcor Investment Management Corporation
- 0.44% Manulife Financial Corporation#Manulife Asset Management Ltd
UK Holdings
- BCP IV UK Fuel Holdings Ltd, OC, reg. Jersey
- BCP IV UK Fuel Holdings II Ltd, CH
- BCP IV UK Fuel Holdings III Ltd, CH
- BCP IV UK Fuel Holdings IV Ltd, CH
- BCP IV Fuel Holdings V Ltd, CH (also shareholders?: Morzine Ltd / Navigator Terminals )
- 85%: Greenergy Fuel Holdings Ltd is a road fuel distribution and storage business, acquired in May.2017.CH Greenergy is the largest provider of road fuels in the UK with significant import and storage infrastructure, and an extensive distribution network. In 2018, the company supplied 19.4bn litres of fuel.[12] BBU, together with institutional investors, acquired an 85% interest in Greenergy, with the remaining 15% held by the company’s management team.
In Oct.2017, BBU, through Greenergy, completed two separate tuck-in acquisitions, acquiring an 85% interest in Inver Energy Ltd, an Irish road fuel business, and an 85% interest in Canadian Operators Petroleum.[13]pp.59,F-33,F-17
- 85%: Greenergy Fuel Holdings Ltd is a road fuel distribution and storage business, acquired in May.2017.CH Greenergy is the largest provider of road fuels in the UK with significant import and storage infrastructure, and an extensive distribution network. In 2018, the company supplied 19.4bn litres of fuel.[12] BBU, together with institutional investors, acquired an 85% interest in Greenergy, with the remaining 15% held by the company’s management team.
- BCP IV Fuel Holdings V Ltd, CH (also shareholders?: Morzine Ltd / Navigator Terminals )
- BCP IV UK Fuel Holdings IV Ltd, CH
- BCP IV UK Fuel Holdings III Ltd, CH
- BCP IV UK Fuel Holdings II Ltd, CH
- 60%: Teekay Offshore Partners LP owns shuttle tankers and floating platforms that provide services to offshore oil and gas companies. BBU, together with institutional investors, acquired a 60% economic interest in Teekay Corporation § Teekay Offshore Partners LP and a 49% voting interest in Teekay Offshore's General Partner in Sept.2017.(pp.40)
- Jan.2018: Westinghouse Electric Company: the partnership, together with institutional partners, entered into an agreement to acquire 100% of Westinghouse, a provider of infrastructure services to the nuclear power generation industry. Closing of the transaction remains subject to bankruptcy court approval and customary closing conditions. (pp.40,F-82) The acquisition was completed in Aug.2019.[2] Acquired Westinghouse Electric Company out of bankruptcy in the USA. Westinghouse is a US-based provider of infrastructure services to the power generation industry. It ran into significant difficulties when it strayed from its core services business and, as a result, was filed into bankruptcy, despite the servicing business having nothing to do with the issues that caused financial stress. Acquired the core Westinghouse services business and its platform of approximately 11,000 people.
- Marine energy services business operates shuttle tankers, FPSOs, FSOs, and long-haul towage vessels, in the North Sea (amongst other places). (p.51)
- 100% Johnson Controls' Power Solutions business: ?? not found in report, but mentioned otherwhere.
Brookfield Property Partners LP
- Publicly-listed vehicle.ref, MarketScreener
A diversified global real estate company that owns, operates and develops a portfolio of office, retail, multifamily, industrial, hospitality, triple net lease, self-storage, student housing and manufactured housing assets.website
- Corp structure, p.40
- Org. structure, p.49
- Subsids, p. F-30, JVs = p.F-35
- 27%: Center Parcs UK
- 50%: Canary Wharf Joint Venture, Property holding company. Stork Holdco LP is the joint venture through which the partnership acquired Canary Wharf Group plc in London.
- 50%: Principal Place - Commercial, London, Property holding company. The partnership sold 50% of its interest in Principal Place - Commercial during the first quarter of 2017.
Brookfield Infrastructure Partners LP
Owns and operates utilities, transport, energy and communications infrastructure businesses in Europe, North and South America, and Asia Pacific.[15] Segments include:[16]
- Utilities: regulated businesses, including regulated distribution (electricity and gas), electricity transmission and a regulated coal export terminal. ~1.1M installed smart meters in the UK.
- Transport: open access systems that provide transportation, storage and handling services for freight, bulk commodities and passengers. Portfolio includes 37 port terminals in North America, Asia Pacific & Europe.
- Energy: systems that provide transportation, storage and distribution services.
- Communications infrastructure: provides services and infrastructure to the media broadcasting and telecommunication sectors.
UK Holdings
- 70%: Brookfield Infrastructure LP, holdco, OC, reg. Bermuda,
- Brookfield Infrastructure UK Holdings LLP, reg. ??
- BPIH Pty Ltd, (Brookfield Prime Infrastructure Holdings), OC, reg. Australia
- 80%: †BUUK Infrastructure Holdings Ltd,p.90 regulated distribution operations, CH, Website, Group
Brookfield Renewable Partners LP
- Publicly-listed vehicle.ref, MarketScreener
Portfolio consists of over 17,400 MW of capacity and 876 generating facilities in North America, South America, Europe and Asia.website,reports
- Corp. structure, p.35
- Subsids, p.110
- 100%: BRI Green Energy Ltd, Republic of Ireland
- 100%: Brookfield Renewable UK Hydro Ltd
- Jan.2018: Brookfield Renewable completed financing associated with its equity-accounted 2.1 GW pumped storage facility in the UK by securing £60m of long-term debt and a £90m letter of credit facility.(p.77)
- Aug.2017: Brookfield Renewable, along with its institutional partners, acquired a 25% interest in FHH Guernsey Ltd which owns a 2.1 GW pumped storage portfolio in the UK. Brookfield Renewable retains ~7% economic interest in the portfolio.
- Aug.2017: Brookfield Renewable, along with its institutional partners, completed the acquisition of European Wind, which was commissioned in Jul.2017.
- Mar.2017: Along with its institutional partners, Brookfield Renewable sold its interest in two wind facilities in Ireland, with a combined capacity of 137 MW, to a 3rd party.
- Feb.2017: Brookfield Renewable entered into an agreement to acquire, along with its institutional partners, a 100% interest in a 16 MW wind facility in Northern Ireland.
- Sept.2016: Brookfield Renewable acquired a 19 MW wind development project in Ireland. The acquisition was completed with institutional partners, and Brookfield Renewable retained ~40% controlling interest in the asset.
- Jun.2015: Brookfield Renewable acquired an onshore wind development pipeline in Scotland totaling ~1,200 MW, including a mix of contracted, permitted and earlier stage development projects.
- 2014: Bord Gais: Irish govt sale in the midst of the economic downturn.ref
Articles
- Dec.01.2017: Brookfield AM takes over CEE Group’s asset management unit. Cee Group.
- Dec.01.2017: Bankhaus Lampe sells CEE Group’s asset management unit to Brookfield Asset Management. Lampe Equity Management, CEE Group's asset manager, is being sold to Brookfield Asset Management. Wealth management bank Bankhaus Lampe was wholly-owned by Dr August Oetker KG at the time. Press Release, Bankhaus Lampe. See Dr Oetker sells Bankhaus Lampe to Fosun International Ltd/Hauck & Aufhäuser, DDG, Oetker Business Division: Banking.
- Mar.10.2019: The heart of the US-Saudi relationship lies in the Kushner-prince friendship Last spring, Kushner Companies reached a tentative deal with Brookfield Asset Management, one of the world’s largest real estate companies, for a 99-year lease on the office tower at 666 Fifth Avenue. At the same time, another Brookfield unit announced its purchase of Westinghouse Electric, a bankrupt nuclear services company, part of the consortium vying to build power plants in Saudi Arabia. That purchase needed the approval of the Trump administration; it was approved. In Aug, Brookfield’s property unit announced it had closed its deal with Kushner Companies and that it would be paying the rent for the entire 99-year lease upfront, an infusion that would help the Kushners pay off large debts. In Oct, Saudi officials deposited $100m in funds that had been pledged to the Trump administration; the timing was a signal to Trump: the kingdom would continue to honor its financial promises and business commitments to the USA if Trump cooperates in the crisis precipitated by Khashoggi’s murder. Mohamad Bazzi, Professor at New York University, The Guardian.
References
- ^ Annual Report 2017 (pdf) page 55, Brookfield Business Partners LP, Dec.31.2017.
- ^ Brookfield Business Partners Completes Acquisition of Westinghouse Electric Company. Press Release, Brookfield Business Partners, Aug.01.2018.