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Brookfield sells stake to Qatar fund in Manhattan development

Published 2015-10-28, 04:17 p/m
© Reuters. Brookfield sells stake to Qatar fund in Manhattan development

NEW YORK, Oct 28 (Reuters) - Brookfield Property Partners LP
announced on Wednesday it sold a 44 percent stake in its $4.5
billion development on Manhattan's west side to the Qatar
Investment Authority in a project it said would be worth almost
double that when completed.
Terms of the deal, which included forming a joint venture
with the Qatari sovereign wealth fund, were not announced.
Brookfield BPY.N said when the mixed-use Manhattan West
commercial project is completed and stabilized it would be worth
$8.6 billion.
The deal further cements Brookfield's relationship with QIA,
as they are partners in London's Canary Wharf business district.
QIA announced in September on opening a New York office that
it planned to invest $35 billion in the United States over the
next five years.
Manhattan West is a five-building project that envisions 7
million square feet (650,000 square meters) of residential and
office space in the Hudson Yard district, where Related
Companies and partner Oxford Properties Group of Canada are
building a $20 billion project.

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