Qatar’s sovereign wealth fund has bought an almost 10% stake in the company that owns New York’s iconic Empire State Building, the official QNA news agency reported Wednesday.
“Qatar Investment Authority (QIA) has acquired $622-M in shares in the Empire State Realty Trust,” the news agency said.
The investment equates to a 9.9% stake in the trust.
The company owns 9 office properties in midtown Manhattan, including the Empire State Building.
The multi-billion-dollar QIA was set up in Y 2005 to manage Qatar’s huge surpluses from sales of Crude Oil and Nat Gas.
Notable investments over the past 11 years include a stake in the Volkswagen Group (OTCMKT:VLKAY) and the purchase of luxury British retailer, Harrods.
The Empire State acquisition comes almost a year after Qatar’s Ambassador to the US, Mohammed Al-Kuwari, announced that his country would invest $35-B in the US economy over the next 5 years.
The Empire State Building, opened in May 1931, stands 1,454 feet high and was once the world’s tallest building.