Brookfield bails out US firm

Canadian asset manager Brookfield has bailed out US firm Fairfield Residential from Chapter 11 bankruptcy in the States by promising to make $150m available for future investment. The group, along with a Canadian pension fund, had already agreed to stump up $29m to recapitalise the troubled property manager in exchange for a 65 per cent stake in the firm. Brookfield recently sold off $1.4bn of properties to its subsidiary in an attempt to separate some of its property investments.