Brookfield Asset Management Inc (NYSE:BAM) shares are trading relatively flat on Tuesday. The company announced the closing of a $1.5 billion strategic partnership with Castlelake L.P.

Brookfield acquired a 51% stake in Castlelake's fee-related earnings, and Brookfield Wealth Solutions committed to investing in Castlelake's investment strategies and private funds.

Castlelake will continue to operate independently, maintaining its current governance and leadership structure, with Rory O'Neill as Executive Chair and Evan Carruthers as CEO and CIO. It will also retain majority ownership of its performance-related earnings.

In a joint statement, co-founders of Castlelake, Rory O'Neill and Evan Carruthers said, "Castlelake and Brookfield are aligned in approach and values and complement each other in expertise and experience. We believe that being a part of Brookfield will help accelerate Castlelake's innovation and scale our platform while preserving the expertise and focused approach that has made our firm unique for so many years."

Craig Noble, CEO of Brookfield Credit said, "We look forward to working with Castlelake to meet the growing demand for compelling, asset-based opportunities and to supporting the firm's continued growth."

In another unrelated development, the company is reportedly planning to sell a luxury retail property on New York's Fifth Avenue. Brookfield is seeking a price in the low- to mid-$300 million range, reported Bloomberg.

According to the report, the landlord hired broker Eastdil Secured to handle negotiations for the retail portion of 685 Fifth Avenue, which is occupied by Coach, Stuart Weitzman, and DJI Hasselblad.

This month, Brookfield Asset Management partnered with Infinium to invest up to $1.1B to boost eFuels production, including sustainable aviation fuel.

Price Action: BAM shares are up 0.07% at $45.25 at the last check Tuesday.

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