BROOKFIELD IN EXCLUSIVE TALKS TO BUY SACO

Brookfield is in exclusive talks to buy the SACO serviced apartments business from Oaktree Capital Management for £430 million. The SACO chain consists of 39 properties across the UK (nine leasehold assets flagged under the Locke brand and 30 leasehold properties operated under the SACO brand); additionally, the deal includes more than 900 freehold Locke-branded rooms in SACO’s development pipeline, which include the company’s first international locations in Dublin and Amsterdam, and SACO’s online platform. The acquisition is Brookfield’s first foray into the serviced apartment sector and the largest serviced apartment investment deal in the UK to date.

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