Brookfield Asset Management Inc. has closed a $240 million real estate opportunity fund, the firm announced today. The fund will invest in underperforming real estate in North America.

“We are pleased to have institutions in North America and Europe investing with us in the fund and … by the opportunities to create value for these investors by leveraging our knowledge of the real estate industry and our significant operating platform,” David Arthur, president and CEO, of Brookfield Real Estate Opportunity Fund, said in a release.

The Fund has completed 12 investments in the United States and Canada, totalling 7.6 million square feet of property, assembling a diverse portfolio of commercial, industrial, mixed-use and multifamily properties.

Brookfield Asset Management Inc., focused on property, power and infrastructure assets, has more than $50 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM.