Qatar now holds part of the iconic Empire State Building-
Qatar now holds 10% of one of the most emblematic buildings in the US – Empire State Building
The sovereign fund of Gulf country has invested 622 million dollars in the Empire State Realty Trust, which owns the skyscraper in New York. For this amount, the institution receives a package of 10% of the shares in the company.
The investment fund was established in 2005 to manage the revenues of Qatar фром oil trade. It has involvement also in the luxury jewelry brand Tiffany, in the automaker Volkswagen in the financial firm Credit Suisse, writes CNN Money.
The president of the Empire State Realty Trust welcomes investment fund in its statement, describing it as confirmation of just how valuable are the company’s assets.
This is yet another foreign investment in the Empire State Building and analysts say it is a sign of the increasing interest in the property sector in New York and especially in Manhattan.
Among the other major shareholders is the Norwegian state fund along with Japanese investment company Shinko Asset Management and Australian real estate investor Resolution Capital.
The IPO of Empire State Realty Trust was in 2013. Then the company attracted а capital of $1 billion.