The first major public-private partnership to focus on renting out a property has been formed in New York.
Property Brothers, founded by two investors, is seeking to create a platform to help people in the US build wealth and access new investment opportunities.
The company says its business model will offer “investment opportunities in the real estate, residential and commercial sectors.”
It says it is seeking investors in the U.S., Canada, China, Japan, Australia, the Middle East and Europe.
Property Brothers is focused on helping people “invest in a growing market, build wealth, and access the next generation of property,” according to its website.
“Our mission is to empower individuals and families to own and invest in the things that will make their communities stronger,” it said.
It is one of a number of private-property ventures being launched by US-based developers in the country.
The New York Times reported in December that the company, which also provides a rental service, has been trying to find investors.
In February, the Times reported that its partners had not reached a deal.
The Times said it was the first time investors had been invited to apply for a partnership.
The company declined to comment.
Property Bros. said its partnership with Mr. Kohn is an extension of a long-term vision that began in the early 2000s when the company launched a leasing platform.
It has also been working to develop partnerships with other investors.
A similar company, Property Brothers Rentals, was founded in 2006.
It launched its own private-rental platform in 2013.
The partnership with Property Brothers will help Property Brothers build a “further-reaching, fully integrated platform” that will allow investors to buy and sell real estate and commercial property, the company said.
In the future, the new company is planning to offer a “platform that leverages the power of the blockchain to facilitate and manage the issuance of private investments.”
Its goal is to have an equity team that will work “to create and grow the next wave of public and private asset ownership, while also enabling private capital to be deployed to accelerate the development of these new asset classes,” Property Brothers said.
Property brothers also announced on Thursday that it has raised $40 million in funding from New York-based private-equity firm Blackstone.
The investors are based in the United Kingdom and Switzerland.
It said it will use the funds to invest in its new venture.
The Securities and Exchange Commission approved the new partnership on Thursday, and the SEC will issue the required securities on the closing of the investment.
The investment firm Blackstones said it plans to invest $1.9 billion in the company.
The NYSE is the nation’s largest market for privately-held securities.