QIA TAK­ING NEW YORK BY STORM

Qatar Today - - BUSINESS > REALTY CHECK -

The coun­try's sov­er­eign wealth fund Qatar In­vest­ment Author­ity (QIA) cur­rently holds about 10.69 mil­lion square feet of New York's prop­er­ties, ac­cord­ing to com­mer­cial real es­tate in­tel­li­gence group CoS­tar.

The 145% jump from March last year now makes QIA the ninth largest prop­erty holder in the state. In Au­gust 2016 QIA ac­quired a 9.9% stake in Empire State Realty Trust, the com­pany that owns the Empire State Build­ing, thanks to a $622 mil­lion in­vest­ment. Speak­ing to Crain's New York, Michael Madu­ell, pres­i­dent of the Las Ve­gas-based re­search group Sov­er­eign Wealth Fund In­sti­tute, said, “In­ter­na­tion­ally, New York real es­tate is a safe place to park as­sets. And wealth funds are some­times will­ing to pay more than real es­tate fund man­agers for as­sets. They're buy­ing as­sets for the long term, like 20 to 30 years.”

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