Brookfield Asset Management, a global alternative investment manager, acquired a US$925-million portfolio of commercial real estate loans from U.S. regional lender Valley National Bank.

Brookfield’s credit arm bought the portfolio at a discount of about 1 per cent to the loans’ par value, and Valley will continue to service the loans for customers.

Brookfield has built its clout in credit rapidly in recent years through its majority ownership of Oaktree Capital Management LP and its burgeoning insurance arm.

Morgan Stanley & Co. LLC served as sole advisor to the Bank on the transaction.