Qatar buys a significant share of the Empire State Building

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The Qatar Investment Authority (QIA, the sovereign wealth fund of the country) has purchased an almost 10 percent share in the firm owning and operating the Empire State Building. The stake is estimated at approximately US$622 million, according to Oilprice.com.

Empire State Realty Trust COO John Kessler called the QIA “one of the most sophisticated and reliable real estate investors in the world”. Among other shareholders of the Empire State Realty Trust there are Norway's massive sovereign wealth fund, investment firm Shinko Asset Management of Japan, and Australian real estate investor Resolution Capital.

In the last eleven years the QIA has also claimed stakes in famous business such as Tiffany, Volkswagen and Credit Suisse. Experts agree that it is trying to boost investment in the United States by US$35 billion over a span of five years. It also complements Qatar’s wish to promote itself as an advancing economic state wealthy from petrodollars.