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THIS Gulf country just bought a piece of the Empire State Building

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THIS Gulf country just bought a piece of the Empire State Building

Dubai - They just bought a stake in the company that owns New York's Empire State Building.

By Curated by Sarakshi Rai

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Published: Thu 25 Aug 2016, 11:08 AM

Last updated: Thu 25 Aug 2016, 9:16 PM

Qatar's sovereign wealth fund has made a spectacular purchase in America. They now own a piece of the Empire State Building.
How you may ask? They just bought a 9.9% stake in the company that owns New York's Empire State Building.

It is a $622-million purchase by the Qatar Investment Authority  and has come at a time when the Doha fund increases its investments in the US.
For Business pundits this will come as an unsurprising move. The Qatar Investment Authority expanded to New York almost a year ago, announcing a US investment push of $35 billion in five years, according to The Wall Street Journal.
John Kessler, president of the Empire State Realty Trust, welcomed the Qatari investment in a statement, calling it an "endorsement" of the company's "irreplaceable assets."
Fun Fact, other major shareholders of the Empire State Realty Trust include Norway's massive sovereign wealth fund, Japanese investment firm Shinko Asset Management as well as Australian real estate investor Resolution Capital, according to FactSet.
 


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