Brookfield Property To Invest In Shanghai Property Portfolio - Quick Facts

(RTTNews) - Commercial real estate owner Brookfield Property Partners L.P. (BPY, BPY_UN.TO) Thursday said that it has reached an agreement under which the company and its institutional partners will invest up to $750 million of preferred equity in China Xintiandi, a unit of developer Shui On Land.

China Xintiandi owns Shui On Land's premier portfolio of office and retail assets in Shanghai. It is anticipated that China Xintiandi will expand through further acquisitions and growth of the portfolio in Shanghai and other major cities in China.

In addition, Brookfield intends to secure up to a further $500 million of capital for additional investments in the commercial property sector in China.

The transaction is expected to close in the first quarter of 2014.

Following the deal, Brookfield will become 22 percent cornerstone partner of China Xintiandi, owner of premier portfolio of Shanghai office and retail assets, including iconic Shanghai Xintiandi.