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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.