The QIA was not involved in the 666 Fifth Avenue deal, a source close to Brookfield Asset Management said. REUTERS/Lucas Jackson/File Photo
Your feedback is important to us!
We invite all our readers to share with us their views and comments about this article.
Disclaimer: Comments submitted by third parties on this site are the sole responsibility of the individual(s) whose content is submitted. The Daily Star accepts no responsibility for the content of comment(s), including, without limitation, any error, omission or inaccuracy therein. Please note that your email address will NOT appear on the site.
Alert: If you are facing problems with posting comments, please note that you must verify your email with Disqus prior to posting a comment. follow this link to make sure your account meets the requirements. (http://bit.ly/vDisqus)
Brookfield, a global property investor in which the Qatari government has placed investments, struck a deal last year that rescued the Kushner Companies' 666 Fifth Avenue tower in Manhattan from financial straits.The country has decided that the Qatar Investment Authority will aim to avoid putting money in funds or other investment vehicles it does not have full control over, according to the sources, who are familiar with the QIA's strategy.Canada's Brookfield Asset Management Inc. bailed out 666 Fifth Avenue via its real estate unit Brookfield Property Partners, in which the QIA acquired a 9 percent stake five years ago.There was no requirement for Brookfield to inform the QIA beforehand.The QIA will not wind down existing investments with Brookfield or others, but will rather no longer invest in similar deals, according to the two sources. The source close to Brookfield said relations with the QIA were still strong.In 2017, the QIA pledged to ramp up its investments in Britain to 35 billion pounds ($45 billion) from 30 billion.
FOLLOW THIS ARTICLE