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Report: Brookfield off-loads 50% stake in Sydney project for A$1B

AMP Capital and EG Funds Management purchased a 25% stake each in the Wynyard Place development project in Sydney from Brookfield Property Partners LP for close to A$1 billion in the aggregate, IPE Real Estate reported, citing industry sources.

According to the report, Brookfield has kept the remaining stake in the project, which has an end value of A$1.8 billion and is slated for completion in mid-2020.

Brookfield had reportedly tapped JLL for a global marketing program for the project earlier in 2017.

As of Aug. 4, US$1 was equivalent to A$1.26.