Brookfield Property Partners LP announced on Wednesday it sold a 44 percent stake in its US$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 US$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 US$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 US$20 billion project.
(Reporting by Herbert Lash; Editing by Marguerita Choy)
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