Brookfield Asset Management is in advanced talks to acquire Yes! Communities, a major US landlord of manufactured homes, from Singapore’s sovereign wealth fund GIC in a deal worth more than $10 billion (A$15.4 billion).
If completed, it would be one of the largest property takeovers since 2022.
The acquisition would mark one of Brookfield’s biggest transactions, underlining renewed optimism about the US housing market after a downturn triggered by higher financing costs.
The Canadian investment giant is betting on the lower end of the residential market, signalling confidence in the resilience of the American economy despite signs of slowing growth.
The Financial Times reports that negotiations have been ongoing for months, though no agreement has been finalised and talks could still fall through.
Brookfield and GIC declined to comment, while Yes! did not respond to requests.
Yes!, based in Denver, manages tens of thousands of factory-built homes across nearly 300 communities, with concentrations in the Midwest and Southeast.
Manufactured housing has become a critical source of affordable living in the US, with the sector expected to benefit from rising rents amid a broader housing shortage.
The deal comes as higher borrowing costs have forced many homebuilders to slow new projects, creating pressure on supply and boosting investor interest in existing rental portfolios.
Analysts believe this could spur further consolidation, with large players seizing the chance to buy undervalued assets.
Founded in 2007, Yes! expanded rapidly during the global financial crisis, buying assets from Clayton Homes, owned by Warren Buffett’s Berkshire Hathaway, among others.
The company rents out homes and also offers purchase programs, allowing residents to own their dwellings while leasing the underlying land.
GIC acquired Yes! in 2016 and has previously considered an initial public offering.
Brookfield, meanwhile, is no stranger to affordable housing investments.
The firm owns a broad range of real estate globally, including London’s Canary Wharf and major towers in Manhattan, and last year sold mobile home assets for $1.6 billion (A$2.47 billion) after benefitting from years of rent growth.
Should the Yes! deal proceed, it would underscore Brookfield’s continued push into residential real estate, with its leaders pointing to a more positive sentiment and improving capital markets as key drivers of renewed acquisition activity.
