HAMILTON, BERMUDA—Brookfield Property Partnersand Qatar Investment Authority have forged analliance whereby the QIA will pay $1.8 billion for a stake in BPYand the two organizations will form a 50/50 joint venture to bid onLondon's Canary Wharf complex. QIA will ownapproximately 9% of BPY following the company's issue ofexchangeable preferred equity securities to the sovereign wealthfund.

“The placement of $1.8 billion of equity is a great endorsementof our global premier asset strategy,” says BPY CEO RicClark. “We are on the path to building the world's leadingportfolio of best-in-class property assets. This capital willenable us to launch BPY to the next phase.”

The exchange will take place in three tranches of $600 millioneach, at a price of US $25.70 per unit. QIA's stake in BPY willgive it the right to designate one member of the REIT's board.