A PIECE OF THE EMPIRE STATE BUILDING
Dubbed Qatar's latest trophy asset, Qatar Investment Authority made a $622 million (QR 2.26 billion) investment in the Empire State Realty Trust (ESRT) which owns and operates the Empire State Building.
The sovereign wealth fund now owns nearly 10% of the iconic building which was once the tallest tower in the world. John Kessler, president of the ESRT, welcomed the Qatari investment in a statement, calling it an “endorsement” of the company's “irreplaceable assets”. Other major shareholders include Norway's sovereign wealth fund, Japanese investment firm Shinko Asset Management as well as Australian real estate investor Resolution Capital. Empire State went public in 2013 as a real estate investment trust and the IPO raised nearly $1 billion.