Fidelity Investments Canada ULC has signed a deal that will offer investors exposure to private real estate investments through Brookfield Asset Management.

Under the agreement, Brookfield Asset Management will invest in and manage a portfolio of Canadian real estate assets on behalf of Fidelity.

The company says it plans to allocate the portfolio to a number of Fidelity private investment pools and is exploring other opportunities.

Fidelity says the agreement with Brookfield will allow it to continue to grow its alternative investment offerings and broaden its overall investment capabilities.

Fidelity Canada president Andrew Wells says the move adds another tool to its tool box as it plans to expand its offerings and build a new private real estate market portfolio.

Brookfield Asset Management has more than $825 billion of assets under management including renewable power and transition infrastructure, private equity, real estate, and credit.

This report by The Canadian Press was first published July 12, 2023.