PHOTO
24 August 2016
Qatar Investment Authority (QIA), the Gulf state's investment arm, has invested $622 million in the owner of the Empire State Building in New York.
The investment gives QIA a 9.9 percent stake in Empire State Realty Trust (ESRT), a listed New York-based trust which manages a portfolio of office and retail properties in Manhattan and the greater New York metropolitan area, ESRT said in a press statement published on their website on Tuesday.
"Our relationship with QIA is a great fit for ESRT. We look forward to a long and mutually beneficial relationship," Anthony E. Malkin, chairman and CEO of ESRT, was quoted as saying.
QIA purchased 29,610,854 newly issued Class A common shares of ESRT at $21.00 per share, equivalent to a 9.9 percent economic and voting interest in the company on a fully diluted basis, the statement said.
"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," the statement quoted John B. Kessler, president and chief operating officer of ESRT, as saying.
In addition to the iconic Empire State Building skyscraper, ESRT manages a portfolio consisting of 9.4 million square feet of office space across 14 office properties and 720,000 square feet of retail space.
Founded in 2005, QIA has invested in a number of high profile assets around the world, including London department store Harrods, German carmaker Volkswagen, British supermarket chain Sainsbury's, French football club Paris Saint-Germain and Hollywood film studio Miramax
(Writing by Shane McGinley)
© Zawya 2016
Qatar Investment Authority (QIA), the Gulf state's investment arm, has invested $622 million in the owner of the Empire State Building in New York.
The investment gives QIA a 9.9 percent stake in Empire State Realty Trust (ESRT), a listed New York-based trust which manages a portfolio of office and retail properties in Manhattan and the greater New York metropolitan area, ESRT said in a press statement published on their website on Tuesday.
"Our relationship with QIA is a great fit for ESRT. We look forward to a long and mutually beneficial relationship," Anthony E. Malkin, chairman and CEO of ESRT, was quoted as saying.
QIA purchased 29,610,854 newly issued Class A common shares of ESRT at $21.00 per share, equivalent to a 9.9 percent economic and voting interest in the company on a fully diluted basis, the statement said.
"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," the statement quoted John B. Kessler, president and chief operating officer of ESRT, as saying.
In addition to the iconic Empire State Building skyscraper, ESRT manages a portfolio consisting of 9.4 million square feet of office space across 14 office properties and 720,000 square feet of retail space.
Founded in 2005, QIA has invested in a number of high profile assets around the world, including London department store Harrods, German carmaker Volkswagen, British supermarket chain Sainsbury's, French football club Paris Saint-Germain and Hollywood film studio Miramax
(Writing by Shane McGinley)
© Zawya 2016
