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October 29, 2015

Qatar Investment Authority forms JV with Brookfield for $8.6bn mixed-use project in Manhattan

As CEO of Kempinski Hotels and with decades of experience behind him, Reto Wittwer knows a thing or two about luxury. He tells Christopher Kanal what the years have taught him about breaking the mould, fostering uniqueness and creating a brand that is anything but boring.

Qatar Investment Authority (QIA) has formed a joint venture with a Brookfield Property Partners subsidiary for the Manhattan West development project in New York City.

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Under the deal, QIA will be entitled to a 44% stake in the mixed-use development, which is expected to involve an investment of $8.6bn.

Brookfield Asset Management CEO Bruce Flatt said: "Brookfield has enjoyed a long-standing, successful relationship with QIA and we are thrilled that they share our vision for this transformative project."

To be developed in the western side of the New York City borough of Manhattan, the project will lead to construction of five buildings under separate phases.

"Besides the five buildings, the project will also have a central plaza featuring retail space, public parks, restaurants and amenities."

The seven million squared foot development project is bounded by 31st and 33rd Streets and 9th and 10th Avenues.

It will comprise a 67 storey, two million squared foot office building, One Manhattan West, which construction is underway for and is expected to be complete by 2019.

The second two million squared foot development, named Two Manhattan West, will be developed at the site after the first building is leased up.

Development for the third building, which will be a 62 storey luxury residential tower, has already been initiated.

The Four Manhattan West is expected to be built as a hotel or include further residential units.

Five Manhattan West is a 1.8 million squared foot office building that is presently undergoing a $350m redevelopment programme in order to be a part of the Manhattan West campus.

As well as the five buildings, the project will also have a central plaza featuring retail space, public parks, restaurants and amenities.

Brookfield Property Group CEO Ric Clark said: "The sale of an interest in Manhattan West is consistent with our strategy of actively recycling capital by partnering with leading institutional capital providers."

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img

How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
Enter your details here to receive your free Report.

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