Telated Companies, developer of the $2 billion Grand Avenue Project, has added a second foreign partner to the project's financial backing.

According to a Community Redevelopment Agency Board memo, Honua Group, an investment firm formed by three Korean insurance companies, will provide $100 million in capital commitments for the first phase of the project.

Earlier in 2008, Related announced a partnership with Istithmar, a sovereign fund controlled by the royal family of Dubai. Istithmar's capital commitment is the same as that of the new partners.

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