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Qater invests $622m in Empire State Building owner

Qater invests $622m in Empire State Building owner

Investment follows the opening of QIA’s New York office last year

State sovereign wealth fund Qatar Investment Authority (QIA) has made a $622m investment in the owner of New York’s Empire State Building.

The investment represents a roughly 9.9 per cent stake in Empire State Realty Trust, the company announced in a press statement.

Trust president and COO John Kessler said the company saw the investment as an endorsement of its strategy.

“We continue to plan for the future, now with more capital and one of the most sophisticated and reliable real estate investors in the world as our partner. As we continue our internal growth strategy execution, added strength and flexibility in our balance sheet expand our capacity to take advantage of opportunities through external growth,” he said.

QIA purchased the 29,610854 shares, which represent 19.4 per cent ownership of the trust’s Class A shares, for $21 per share.

The acquisition follows the opening of a New York office by QIA in September last year.

At the time the fund said it would invest $35bn in the US over the next five years.

Read: Qatar Investment Authority commits to $35bn US investment

In October QIA also entered into a joint venture with a subsidiary of commercial real estate company Brookfield Property Partners for the $8.6bn Manhattan West development in the city.

Read: Qatar Investment Authority backs $8.6bn New York development

The authority has recently been reported to be cutting its focus on investments in Europe and placing more money with external managers.

Read: Qatar Investment Authority to cut its focus on Europe

Qatar Investment Authority to cut its focus on Europe


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