Barclays sells stake in payments business to Brookfield

LONDON, April 17 (Reuters) - Barclays BARC.L has sold part of its British payments business to Brookfield Asset Management, the bank said on Thursday.

The two parties will work to create a standalone entity for the business, into which Barclays plans to invest approximately 400 million pounds ($528.2 million).

After the third year of the partnership, and up to its seventh anniversary, Brookfield may acquire an approximately 70% ownership interest, the bank said.

($1 = 0.7573 pounds)