Brookfield Property Partners L.P. (NYSE: BPY; TSX: BPY.UN) announced that 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. 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 His Excellency Sheikh Abdulla Bin Mohammed Bin Saud Al-Thani, CEO of Qatar Investment Authority.
Manhattan West is a five-building, 7-million-square-foot development project on the west side of Manhattan, bounded by 31st and 33rd Streets and 9th and 10th Avenues.
“Manhattan West is on track to be the leading premier mixed-use development in the Hudson Yards district – New York City’s next great neighborhood,” 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.”
Brookfield Property Partners is one of the world’s largest commercial real estate companies, with over $60 billion in total assets. We are leading owners, operators and investors in commercial property assets, with a diversified portfolio that includes over 130 premier office properties and over 150 best-in-class retail malls around the world. We also hold interests in multifamily, triple net lease, industrial and hospitality assets. Brookfield Property Partners is listed on the New York and Toronto stock exchanges. Brookfield Property Partners is the flagship listed real estate company of Brookfield Asset Management, a leading global alternative asset manager with over $200 billion of assets under management.
Qatar Investment Authority is a global investment institution and a preferred partner of choice for investors, financiers and other stakeholders. Headquartered in Doha, QIA’s ability to take a long-term view in its investment strategy offers the benefits of stability to all stakeholders.