QIA & Brookfield in $8.6bn joint venture
Qatar Investment Authority expands its strategy to invest in high-end real estate projects through recent joint venture with Brookfield Property Partners LP subsidiary.
Brookfield Property Partners LP revealed that one of its subsidiaries has entered into a joint venture with Qatar Investment Authority (QIA) on a mixed-use Manhattan West development project in New York City.
Bruce Flatt, CEO of Brookfield Asset Management said: “Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project.”
On behalf of the QIA, CEO Sheikh Abdulla bin Mohammed bin Saud Al Thani, said: “We are pleased to expand our relationship with Brookfield and invest in this world-class project. This joint venture is an example of our strategy to invest in high-quality real estate with strong partners. It is also a further demonstration of QIA’s long-term confidence in the US market.”
The development is a five-building, seven-million square foot project on the west side of Manhattan, bordering 31st and 33rd Streets and 9th and 10th Avenues.
The project consists of six different phases, including five phases in Manhattan West and Central Plaza / Retail.
Brookfield sold a 44% interest in the development to QIA in the transaction, with total value of the development upon completion and stabilisation, estimated to be $8.6bn, The Peninsula reports.
“Manhattan West is on track to be the leading premier mixed-use development in the Hudson Yards district — New York City’s next great neighbourhood,” said Ric Clark, CEO of Brookfield Property Group.
“The sale of an interest in Manhattan West is consistent with our strategy of actively recycling capital by partnering with leading institutional capital providers.”