A Brookfield Corporation affiliate acquired a 49% non-controlling interest in a diversified U.S. ground-lease portfolio through a joint venture with Safehold (NYSE: SAFE). The portfolio carries a gross valuation of approximately $348 million.
The assets generate approximately $14 million in current annualized cash ground rent. Safehold retains day-to-day control and management of the portfolio.
The transaction provides Safehold with immediate liquidity. The company will use the net proceeds for debt repayment and general corporate purposes.