11:49 AM EST, 12/11/2024 (MT Newswires) -- (Updates with Brookfield statement in the third paragraph.)

A Brookfield Asset Management ( BAM ) property fund bought student housing properties in the US for $893 million, 36% lower than the cost of replacing the properties and a 19% discount to recent trades, Bloomberg reported Tuesday, citing a company spokesperson.

The 14 properties, with a total of about 8,700 beds, serve schools such as Texas A&M University, Dartmouth College and Indiana University, the report said.

"This year, we have acquired $5 billion of housing portfolios (multifamily, student housing and single family homes) across North America alone," Brookfield Real Estate said in a statement emailed to MT Newswires. "Stress in the sector is creating deep discounts to entry, supporting opportunistic returns on core-like product, and we continue to find compelling opportunities across the sector."

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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