Brookfield Finds Common Ground With Airbnb in $200 Million Deal
- Landlord invests in rentals with partner of home-sharing site
- Joint venture plans to buy up to six communities in Florida
Photographer: Andrew Harrer/Bloomberg
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To expand its portfolio of U.S. apartment properties, Brookfield Property Partners LP is striking an alliance with a company that other landlords are trying to fight.
Brookfield plans to invest as much as $200 million in a joint venture with Niido, the multifamily development partner of home-sharing website Airbnb Inc., according to statement Monday. The funds will be used to buy as many as six apartment complexes in Florida and develop them into communities where tenants may rent out their units through Airbnb for almost half the year -- and would share the profits with the landlord.