Brookfield sells stake to Qatar fund in Manhattan development

Wed Oct 28, 2015 4:17pm EDT
 
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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 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. (Reporting by Herbert Lash; Editing by Marguerita Choy)