(Reuters) – Brookfield Asset Management is in talks to buy Yes! Communities, a U.S. company that manages manufactured homes, from Singaporean sovereign wealth fund GIC for more than $10 billion, the Financial Times said on Sunday, citing unnamed sources.
Reuters could not immediately verify the report. GIC declined to comment. Brookfield Asset Management and Yes! Communities did not immediately respond to Reuters’ requests for comment.
The Canadian asset manager has been negotiating the acquisition of Yes! Communities for several months and talks are ongoing, the FT said, citing people who had been briefed on the matter. While discussions are at an advanced stage, the deal has yet to be finalised, the report added.
Yes!, which was acquired by GIC in 2016, has also been in discussions about a potential initial public offering, according to the FT.
Headquartered in Denver, Yes! Communities manages 213 communities across 18 states, comprising more than 54,500 residential home sites.
(Reporting by Yazhini MV in Bengaluru; Editing by David Goodman, Louise Heavens and Paul Simao)
