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Sovereign Wealth Funds Briefing - Categorized | Alternative Investments

China Investment Corp. buys $700M stake in 1 NY Plaza

Posted on 24 May 2016

Chinese sovereign wealth fund China Investment Corp. picked up a 49 percent stake in Brookfield Property Partners’ office tower at 1 New York Plaza in the Financial District. In the latest instance of foreign investment driving the city’s commercial real estate market, CIC paid around $700 million for its minority interest in the 50-story, 2.6 million-square-foot tower, valuing it at roughly $1.4 billion.
Brookfield will maintain a controlling stake in the office building, according to Crain’s. The Toronto-based company announced that it had sold the 49 percent stake to an unnamed buyer in its quarterly earnings call earlier this month………………………………………..Full Article: Source


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