A PIECE OF THE EM­PIRE STATE BUILD­ING

Qatar Today - - AFFAIRS > LOCAL -

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.

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