Qatar Investment Authority buys into Empire State Realty Trust

A 9.9 percent stake in the publicly-traded Empire State Realty Trust has been acquired by Qatar’s sovereign wealth fund, the Qatar Investment Authority, for $622 million. Under the terms of the deal, QIA purchased 26.6 million shares of newly-issued Class A common stock, priced at $21 per share. In addition to the Empire State Building, the REIT has a portfolio of 10.1 million sqf, including 250 West 57th Street and a retail asset located at 112 West 34th Street. The Empire State Building accounts for roughly 20 percent of the REIT’s revenue. The Qatari fund, which opened an office in New York in September, also owns a 44 percent stake in Brookfield Property Partners’ $8.6 billion Manhattan West development.