NEW YORK (CBSNewYork/AP) –– An affiliate of the Qatar Investment Authority (QIA) has made $622 investment in the Empire State Realty Trust, a New York-based company which owns the Empire State Building.
The investment represents a roughly 9.9 percent stake in the company on a fully diluted basis or currently 19.4% ownership of Class A shares.
Empire State Realty Trust President and COO John B. Kessler said in a statement the partnership with help the company “take advantage of opportunities through external growth.”
Empire State Realty also owns office and retail properties in Manhattan, Connecticut and Westchester County. The Empire State Building is the company’s largest asset.
The QIA’s existing American holdings include a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co. The fund sold its share of the American film studio Miramax to Qatar-based media group beIN in March.
The Las Vegas-based Sovereign Wealth Fund Institute estimates the Qatari fund is worth some $335 billion.
The Qatar Investment Authority was founded in 2005
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