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Brookfield Property, Qatar Investment together in $8.6bn Manhattan development

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Staff writer | Thursday October 29, 2015 2:54AM ET
Brookfield
Joint venture   The mixed-use on Manhattan West

Brookfield Property Partners said one of its subsidiaries has entered into a joint venture with Qatar Investment Authority (QIA) on the mixed-use Manhattan West development project in New York City.


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In the transaction, Brookfield sold a 44% interest in the development to QIA. The total value of the development upon completion and stabilization is estimated to be $8.6 billion.

"Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project," said Bruce Flatt, CEO of Brookfield Asset Management.

"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," said Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority.

 

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