DOHA: Brookfield Property Partners LP, one of the world’s largest commercial real estate companies, announced yesterday 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 percent interest in the development to QIA. The total value of the development upon completion and stabilisation is estimated to be $8.6bn.
“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.
Manhattan West is a five-building, 7million sq foot development project on the west side of Manhattan, bounded by 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.
“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.”
The Peninsula
