Brookfield Property Partners and Qatar Investment Authority, Doha, said they've formed a joint venture on an $8.6 billion mixed-use project under construction on Manhattan's far west side.
Manhattan West plans call for five buildings, including a 62-story, 844-unit residential tower that's already under construction and a 67-story office skyscraper that will be anchored by law firm Skadden, Arps, Slate, Meagher & Flom LLP and is scheduled for completion in 2019. Qatar Investment Authority will acquire a 44% stake in the development, the companies said in a statement Wednesday.
The sovereign wealth fund teamed with Brookfield earlier this year on deals to acquire London's Canary Wharf Group and builder Songbird Estates PLC.
“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 parent Brookfield Asset Management, in the statement.
Qatar doesn't reveal the size of its assets, but the Sovereign Wealth Fund Institute estimates its holdings at $256 billion.
