Commercial real estate markets have hit bottom and will recover better than expected, says the chief executive officer of Brookfield Asset Management Inc. BAM.A-T
“Real estate didn't get into trouble, real estate financing did,” said Bruce Flatt at the asset management company’s annual general meeting on Wednesday.
While almost a trillion dollars of mortgages come due in the next five years in North America, the money will be available in most cases, he said.
“The numbers are far over-stated,” he said. “There will be instances where there was too much leverage and that won't be fun, but they won't be the kind of situations that will cause a lot of issues in the capital markets.”
More to come
