(Bloomberg) — Brookfield Asset Administration Inc. stated it plans to lift $100 billion for its subsequent spherical of flagship funds after it delivered first-quarter earnings buoyed by share gross sales and asset divestitures.The Toronto-based various asset supervisor offered $13 billion of belongings throughout the quarter, leading to $6.4 billion in revenue for Brookfield and its shoppers, the corporate stated Thursday. Brookfield’s share amounted to $1.8 billion. Chief Govt Officer Bruce Flatt referred to as it an “distinctive” consequence.“Within the present low interest-rate surroundings, demand for the kind of belongings we personal is powerful,” Flatt stated in a letter to shareholders. “Lots of our companies are important infrastructure belongings which might be underpinned by long-dated, contracted or regulated money flows. With the capital markets being extremely accommodative, we have now been monetizing belongings.”In the course of the quarter, Brookfield took public its Shoals Applied sciences Group Inc. photo voltaic merchandise enterprise, offered a life-sciences actual property portfolio and accomplished two secondary choices of shares in Graftech Worldwide Ltd. It additionally unloaded a portion of its holdings in Brookfield Renewable Corp. and West Fraser Timber Co., a Canadian agency that’s having fun with the advantage of hovering lumber costs.Flatt stated the mix of sturdy markets and asset gross sales means there’s sufficient capital available for its deliberate $6.5 billion privatization of Brookfield Property Companions LP, and the repurchase of its personal shares, to absorb a number of the new fairness being issued within the transaction.Brookfield stated it had a document quarter, with its funds from operations reaching $2.8 billion and its distributable earnings hitting $2.5 billion. Complete belongings below administration grew to $609 billion.The corporate has about $80 billion in capital accessible, Flatt stated within the letter, together with $18 billion by itself steadiness sheet. Brookfield has began elevating cash for its fourth flagship actual property fund and its new International Transition Fund, which can give attention to environmentally and socially accountable investments.It’s additionally within the midst of closing a brand new debt fund and goals to launch new infrastructure and personal fairness funds within the subsequent 12 months as a part of its plan to lift $100 billion throughout its flagship funds, Flatt stated.“The sustained low interest-rate surroundings mixed with establishments’ must earn returns from options has created a really constructive fundraising surroundings,” Flatt stated.Brookfield stays assured that industrial actual property will rebound as Covid-19 vaccinations take maintain. Flatt stated he believes many individuals survived within the quick time period with out an workplace, however in the long term most firms gained’t prosper with out the interplay that comes from folks working in shut proximity to 1 one other.“The tone available in the market for industrial property belongings could be very adverse in the mean time. Actual property shares have been buying and selling as if no firm will ever occupy an workplace once more, no individual will ever set foot in a retailer and no person will ever journey once more, for both enterprise or leisure,” Flatt wrote. “We don’t consider that any of those would be the case, and so we’re investing accordingly.”‘Outsized Beneficial properties’Andrew Kuske, an analyst with Credit score Suisse, stated he expects Brookfield’s transactional exercise to speed up within the again half of 2021 and into 2022.“On steadiness, the quarter is optimistic on continued development within the underlying asset administration enterprise together with the validation of previous investments with outsized positive factors being realized — even with some working weak spot,” Kuske stated in a word to shoppers.Flatt stated he believes there’s a possibility to select up infrastructure belongings as a result of governments have borrowed closely to launch stimulus packages to fight the pandemic. That would open a possibility for presidency infrastructure belongings to return to market to lift funds.Brookfield shares had been up 1.2% to $45.28 at 11:59 a.m. in New York.For extra articles like this, please go to us at bloomberg.comSubscribe now to remain forward with essentially the most trusted enterprise information supply.©2021 Bloomberg L.P.