For Brookfield, buying Yes! would be the largest acquisition, which made more than $1 trillion.
Singapore’s GIC Pte is in discussions to sell its stake in US-based landlord Yes! Communities Inc. to Brookfield Asset Management. It is one of the largest exits for the sovereign wealth fund in many years, according to a source with knowledge of the matter.
The value of the entire portfolio will be more than $10 billion, according to the source, who asked to be anonymous while discussing a confidential deal. They mentioned that they are still discussing the deal, and it is not assured yet.
GIC invested in Yes! Communities in August 2016, when it bought a 71% equity stake along with another undisclosed global investor. At that time, the deal to divest Yes! was valued at around $2 billion, according to people familiar with the situation.
Diego Lopez, managing director of Global SWF, claimed that the deal would be the largest commercial exit for a sovereign wealth fund if it were to occur at the stated value. For GIC, it would offer significant liquidity and an opportunity to reduce its dependence on the US real estate market. Both Brookfield and GIC declined to comment.
This sale comes as GIC expects a slowdown in the latter half of the year due to increasing inflation and uncertainty stemming from both domestic and geopolitical challenges in Singapore. The annual five-year return increased to 6.1% in nominal US dollar terms, up from 4.4% in the previous year. GIC did not release any yearly performance figures.
GIC increased its investment in the US and reduced its holdings in the Asia-Pacific region, as the sovereign wealth fund bets on the US the most, expecting an artificial intelligence surge in the country.
As of March, North and South America have around 49% of GIC assets, which is a 44% increase from the previous year. Meanwhile, the assets in the Asia-Pacific region decreased from 28% to 24%, according to its annual report, which was released on Friday. The distribution for Europe, the Middle East, and Africa remains unchanged at 20%.
GIC, being one of the largest sovereign wealth funds globally, yet it does not publicize its assets under management; however, Global SWF estimated that the company has assets of around $936 billion.
If the deal was finalised, it would take place despite GIC stating in July that real estate valuations were at a low point, offering attractive investment opportunities.
As of 2024, the company had 13% of its portfolio focused on real estate; however, the sovereign wealth fund has since stopped reporting the proportion of its portfolio that was property-based. The latest data show that “real estate”, a category that exclusively had real estate, accounted for 23% of its total portfolio as of 2025.
For Brookfield, also, buying Yes! would be the largest acquisition, which made more than $1 trillion.
Denver-based Yes! oversees over 300 properties in the United States, mainly located in the Southwest, Midwest, and Southeast. The company was reportedly exploring a public offering sometime in 2025.
Brookfield has a real estate portfolio of apartments, warehouses, offices, and various other property types. In 2020, the asset manager bought a stake from single-family landlord Conrex and raised $300 million to create a fund for purchasing houses. Last year, Brookfield Asset Management bought student housing properties valued at $893 million, such as those at Texas A&M University.
Brookfield’s CEO of real estate, Lowell Baron, stated that they are looking for opportunities to acquire assets from sellers who want to liquidate, are facing issues with debt maturity, and are witnessing declines in asset valuations.
Ultimately, for GIC, it helps to adapt its global strategy and respond to changing market conditions. On the other hand, Brookfield expands its impressive real estate portfolio and makes its mark in the US housing market.
