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Tuesday, March 2, 2021

Qatar buys stake in Empire State Building for $622 million

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Empire State Building in New York
Empire State Building in New York

Qatar’s sovereign wealth fund has acquired a nearly 10 percent stake in the company that owns the Empire State Building.

In an announcement yesterday, the Empire State Realty Trust said the Qatar Investment Authority (QIA) bought 29.6 million newly issued Class A common shares in the firm at $21 each – a $622 million investment.

QIA will now have a 9.9 percent economic and voting interest in the firm, Empire State added in a statement.

The iconic New York building used to be the world’s tallest skyscraper.

Its owner’s portfolio also includes more than a dozen other office and retail properties, mostly in Manhattan.

US focus

The purchases comes as the QIA has been diversifying away from Europe and buying more properties in the US and Asia.

Last September, Qatar officials announced plans to invest some $35 billion in the US over the next five years.

Since then, the wealth fund has opened a New York office.

According to Bloomberg, the QIA has also formed a joint venture with Brookfield Property Partners LP to develop Manhattan West, an $8.6 billion mixed-use project.

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