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Varia US and Brookfield form $693.9M multifamily joint venture
The two-vehicle deal covers 13 of Varia US’s 17 U.S. multifamily properties and is sized to provide up to $200 million in equity for future acquisitions.
Varia US Properties AG, the Swiss-listed investor in the U.S. multifamily sector and externally managed by Stoneweg, has formed a two-vehicle joint venture with affiliates of Brookfield Asset Management, according to ConnectCRE.
The joint venture totals $693.9 million and covers 13 of Varia US’s 17-property U.S. multifamily portfolio. ConnectCRE said the structure is intended to give Varia US access to up to $200 million of equity capital to fund future acquisitions, while Varia US plans to invest in the JV assets ahead of planned disposals.
The 13 properties include 4,112 units across nine U.S. states, and they have been divided into two newly formed vehicles. Four properties will remain wholly owned and consolidated by Varia US.
ConnectCRE added that Varia US plans to maximize value through active investment in the JV assets, as the company looks to reposition its portfolio toward higher-quality residential communities.