In its biggest property play to date, the Future Fund has committed $US1bn to Canadian giant Brookfield's $US5bn real estate vulture fund.
The $61bn Future Fund joins fellow sovereign wealth funds China Investment Corporation and Government of Singapore Investment Corporation in signing up for Brookfield Asset Management and Brookfield Properties' new Investor Consortium, to target distressed real estate debt and troubled property groups.
Brookfield Properties New York-based chief executive Ric Clark told The Australian last month six institutional investors would contribute between $US300 million and $US1bn each. 'We are looking for opportunities in basically any real estate sector, but only in markets where we have a strong presence -- the US, Canada, Australia, Britain and Brazil.'
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