Brookfield Corporation (“Brookfield”) (NYSE: BN, TSX: BN) today
released a summary of recent highlights to close out 2023, which is
appended and posted on our website. The full text of the summary is
below.
2023 Summary and Update
As we approach the end of 2023, and with a lot
going on, we decided to take the opportunity to reflect on key
highlights from the year and provide a summary of some recent
notable achievements.
We were very active during 2023 amidst a broader
market slowdown. In total, we deployed $55 billion of capital into
some of the largest and most attractive investment opportunities
globally across a variety of sectors. At the same time,
monetizations totaled over $30 billion, generating strong returns
for investors and underlining the fact that high-quality assets
that form the backbone of the global economy remain in strong
demand. All told, almost $100 billion of financings were arranged
across our businesses and access to capital continues to be very
strong.
December highlights include:
- Entropy, a
Brookfield Renewable Power & Transition portfolio company,
received an investment of C$200 million from The Canada Growth
Fund, which provides an innovative carbon offtake agreement that
underwrites the revenue for CCS projects pursued by Entropy.
- Everise, a
Brookfield Private Equity portfolio company and leading global
healthcare services outsourcing company, closed an investment from
Warburg Pincus that values the company at approximately $1 billion,
a strong increase over the initial investment.
- 150 Champs
Élysées, a luxury retail property, was sold to LVMH for $1
billion.
- In addition to
securing over 12 million square feet of leasing across our office
portfolio in North America, Europe, and India in 2023, Barclays
further highlighted the strong demand for premium quality office by
remaining in its Canary Wharf headquarters and renewing its lease
on roughly 1 million square feet of office space at 1
Churchill Place to 2039.
- We continued to
expand our global presence, opening an office in Frankfurt and
Riyadh this year.
With all of our flagship funds in the market in
2023, we are set to achieve our goal of almost $150 billion of
fundraising, including the close of American Equity Life (AEL)
which we expect shortly. Highlights include:
- The BIF V
strategy raised approximately $30 billion—the largest private
infrastructure fund ever raised, and the largest fund in
Brookfield’s history.
- More than $6
billion was raised for BID III, the largest private infrastructure
debt fund globally.
- $12 billion was
raised for the BCP VI strategy, making it Brookfield’s largest-ever
private equity fund.
- Lunate Capital
committed up to $3 billion for BGTF II and the new Catalytic
Transition Fund, with an expected first close of BGTF II this
week.
- In addition, we
expect to shortly complete the first close of our fifth real estate
opportunity fund, with total commitments to the program of
approximately $7 billion.
- We will
increase our insurance assets to over $100 billion, with the AEL
acquisition expected to close soon, generating very attractive
returns on equity capital and supporting the continued growth of
private credit within Brookfield Asset Management (BAM).
Against the market backdrop in 2023, we have
continued to differentiate our business by maintaining our
conservatively capitalized balance sheet, high levels of liquidity
and by consistently accessing the capital markets to support the
financing of ongoing operations and growth. We have maintained
nearly $120 billion of deployable capital while investing $55
billion. This allowed our businesses to invest with confidence, and
combined with the close to $100 billion of financings, put us in
excellent financial shape.
Our Brookfield Corporation (BN) credit rating
was upgraded to A by DBRS, and on the back of the upgrade, earlier
this month we issued $700 million of 10-year debt at 6.35%. BAM is
in the midst of securing an indicative credit rating which is
expected to be very strong given its annuity-like cash flows and
pristine financial position. In our real estate business, our
underlying operations continue to be strong, and we have proven our
ability to finance and refinance our debt maturities, with over
$30 billion of financings being completed this year. Despite
this and the tailwind we expect from lower interest rates, our BPY
rating was recently reduced to BB. However, as we look forward, we
expect that the continued strong underlying performance of our
assets, combined with improving credit markets and lower interest
rates, sets us up well to grow cash flows and deal very comfortably
with all debt maturities.
With interest rates cresting and spreads
tightening, all signs point to a constructive 2024. We see strong
momentum and expect significant transaction activity over the
course of 2024.
We all wish to take this opportunity to thank
you for your interest in Brookfield, and we wish you and your
families all the best for 2024. As ever, please do not hesitate to
contact any of us should you have suggestions, questions, comments,
or ideas you wish to share.
Sincerely,
Bruce FlattChief Executive Officer
December 22, 2023
About Brookfield
Corporation
Brookfield Corporation (NYSE: BN, TSX: BN) is
focused on compounding capital over the long term to earn
attractive total returns for our shareholders. Today, our capital
is deployed across three businesses – Asset Management, Insurance
Solutions and our Operating Businesses, generating substantial and
growing free cashflows, all of which is underpinned by a
conservatively capitalized balance sheet.For more information,
please contact:
Communications & Media |
Investor Relations |
Kerrie McHugh Hayes |
Linda Northwood |
Tel: (212) 618-3469 |
Tel: (416) 359-8647 |
Email: kerrie.mchugh@brookfield.com |
Email: linda.northwood@brookfield.com |
|
|
Forward-Looking Statements
This news release contains “forward-looking
information” within the meaning of Canadian provincial securities
laws and “forward-looking statements” within the meaning of the
U.S. Securities Act of 1933, the U.S. Securities Exchange Act of
1934, “safe harbor” provisions of the United States Private
Securities Litigation Reform Act of 1995 and in any applicable
Canadian securities regulations (collectively, “forward-looking
statements”). Forward-looking statements include statements that
are predictive in nature, depend upon or refer to future results,
events or conditions, and include, but are not limited to,
statements which reflect management’s current estimates, beliefs
and assumptions, which are in turn based on our experience and
perception of historical trends, current conditions and expected
future developments, as well as other factors management believes
are appropriate in the circumstances. The estimates, beliefs and
assumptions of Brookfield are inherently subject to significant
business, economic, competitive and other uncertainties and
contingencies regarding future events and as such, are subject to
change. Forward-looking statements are typically identified by
words such as “expect”, “anticipate”, “believe”, “foresee”,
“could”, “estimate”, “goal”, “intend”, “plan”, “seek”, “strive”,
“will”, “may” and “should” and similar expressions. In particular,
the forward-looking statements contained in this news release
include statements referring to our 2023 fundraising goals, the
expected close of various Brookfield funds and the AEL acquisition,
BAM’s indicative credit rating and our future growth prospects.
Although Brookfield believes that such
forward-looking statements are based upon reasonable estimates,
beliefs and assumptions, certain factors, risks and uncertainties,
which are described from time to time in our documents filed with
the securities regulators in Canada and the United States, or that
are not presently known to Brookfield or that Brookfield currently
believes are not material, could cause actual results to differ
materially from those contemplated or implied by forward-looking
statements.
Readers are urged to consider these risks, as
well as other uncertainties, factors and assumptions, carefully in
evaluating the forward-looking statements and are cautioned not to
place undue reliance on such forward-looking statements, which are
based only on information available to us as of the date of this
news release. Except as required by law, Brookfield undertakes no
obligation to publicly update or revise any forward-looking
statements, whether written or oral, that may be as a result of new
information, future events or otherwise.
Brookfield (NYSE:BN)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Brookfield (NYSE:BN)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024