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Brookfield Seeds Venture on Its NYC Office Portfolio
Brookfield Property Partners (BPY) said that it has seeded a new Brookfield Asset Management-sponsored New York City real estate venture with a 28% interest in its New York core office portfolio. BPY plans to syndicate up to an additional 7% interest in this portfolio, with total projected proceeds of $1.8 billion to the company.
“Effectively, it’s all of our core holdings in Manhattan in addition to One Manhattan West,” said BPY chairman Ric Clark on a second-quarter earnings call. BAM will provide management.
CEO Brian Kingston said the new vehicle was “not a fund per se.” Instead, it was similar to “what we did in Washington, D.C. a couple of years ago, where we were bringing in institutional investors to partner with us.” Rather than bringing in the investors one property at a time, he added, “it’s really bringing them in across the entire [Manhattan] portfolio” at once.
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