Marathon, Brookfield Test REIT Waters

Two more real estate investment trusts filed initial public offerings (IPOs) last week, Reuters reports.

Maryland-based Brookfield Realty Capital Corp. will originate, invest in and manage a portfolio of commercial mortgage loans, according to its filing with the Securities and Exchange Commission (SEC). The company may also originate, issue or purchase other commercial real estate-related debt investments, such as mezzanine loans and commercial mortgage-backed securities.

Brookfield Realty's IPO seeks to raise $500 million, and Goldman Sachs will act as manager for the deal. According to the SEC filing, Brookfield Realty will be externally managed and advised by Brookfield Realty Capital Advisors, a wholly owned subsidiary of Brookfield Asset Management Inc.

Marathon Real Estate Mortgage Trust also filed an IPO last week, seeking up to $300 million. The company, which will invest primarily in mortgage-backed securities and mortgage loans, will be managed and advised by Marathon Asset Management LP. Marathon Asset Management is among the fund managers the Treasury Department has selected for its Public-Prviate Investment Program, as well as the parent company of special servicer Marix Servicing LLC.

In its SEC filing, Marathon Real Estate Mortgage Trust said it plans to invest a portion of the IPO proceeds in the legacy securities public-private investment fund sponsored by Marathon Asset Management.

SOURCE: Reuters, SEC


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