- Kristopher Fraser |
Mall operator Brookfield has created a 5 billion dollar relief fund for retailers who have been impacted by the coronavirus. In addition to funding, Brookfield will be connecting struggling mall tenants with real estate and private equity companies to help them navigate what is a more challenging retail landscape than ever. The goods news is some states have begun easing lockdown restrictions and some retailers and malls have begun to reopen and many stores are able to do curbside pick-up for customers.
“This initiative is being designed to assist medium-sized enterprises in getting back on their feet," Ron Bloom, managing partner and vice chairman of Brookfield’s private equity group, who is running the new relief program, said in a statement. "We believe this is a critical component to getting the economy moving again, and we would like to partner with companies and entrepreneurs that can draw on our capital and expertise to stabilize and grow their business."
Brookfield will be taking non-control investments in companies in exchange for money. This could be a big relief for retailers who were hit hard by the coronavirus pandemic and whose e-commerce businesses weren't enough to ameliorate losing physical store sales.