Varia US Properties AG (“Varia US” or the “Company”) announces that it has signed a definitive agreement with affiliates of Brookfield Asset Management (“Brookfield”) to recapitalize 13 of its 17 property U.S. multifamily portfolio through a newly formed two-vehicle joint venture (the “Transaction”).
The joint venture provides access to up to USD 200 million of acquisition capital, subject to the terms of the joint venture agreements, enabling Varia US to pursue opportunities that would otherwise not be available to the Company on a standalone basis.
Varia US will actively invest in the JV assets to maximise value ahead of planned disposals, with proceeds recycled into higher-quality acquisitions, enhancing liquidity and financial flexibility while reducing capital requirements associated with older, more capital-intensive assets.