Qatar’s sovereign wealth fund has made an iconic purchase of $622-million in the American company that owns New York’s Empire State Building, reported Associated Press.
The Qatar Investment Authority comes as the Doha fund increases its investments in the US as the small country on the Arabian Peninsula tries to cope with low global oil and gas prices.
The Empire State Realty Trust Inc., which manages the 102-story, 1,454-foot-tall building, announced the Qatari purchase late Tuesday, saying the fund would gain a 9.9-percent stake in the company. The trust owns a total of 14 office properties and six retail properties around the New York area.
The fund’s existing American holdings include a more than 10-percent stake in New York-based luxury jeweler Tiffany & Co. It sold its share of the American film studio Miramax to Qatar-based media group beIN in March for an undisclosed sum.
Among the Qatari fund’s interests in America is a 44-percent stake in the $8.6 billion redevelopment project in New York known as Manhattan West, which includes remodeling the building that’s now home to the global headquarters of the Associated Press.