Brennan has numerous opportunities each year to acquire smaller assets that are either off market or poorly marketed. The economics of smaller asset purchases are generally better than portfolios because they are often too small for institutions, thus reducing the buyer pool.
Using the aggregation tactic, Brennan acquires such assets where we have management personnel and then bundles them into portfolios for recaps or outright sales.
Most major industrial companies employ aggregation to develop scale, despite its transactionally intense nature.
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