Qatar now one of New York's biggest commercial owners

QIA has invested over $10bn in US assets since opening NYC office in 2015

QIA has invested over $10bn in US assets since opening NYC office in 2015, including a 9.9 percent stake ($622m investment) in Empire State Realty Trust REIT, which controls the Empire State Building and other properties.

QIA has invested over $10bn in US assets since opening NYC office in 2015, including a 9.9 percent stake ($622m investment) in Empire State Realty Trust REIT, which controls the Empire State Building and other properties.

Qatar has become one of the biggest commercial property owners in New York City, according a new report.

The country’s sovereign wealth fund Qatar Investment Authority (QIA) is now listed as New York’s ninth-largest commercial property owner, according to real estate intelligence firm CoStar Group.

Following last year’s acquisition of a 9.9 percent stake ($622m investment) in Empire State Realty Trust REIT, which controls the Empire State Building and other properties, QIA’s total rentable building area was 10.69 million square feet at the end of March 2017, a 145% increase from the previous year.

QIA, which has about $338 billion of assets according to industry tracker Sovereign Wealth Center, opened an office in New York in September 2015, and announced plans to spend $35 billion in the US over the following five years, a move that diversified the state fund away from investments traditionally focused on Europe.

Read more - Qatar Investment Authority’s investments across the world

Since the office opened, the fund has invested in $3.8 billion in New York City property acquisition, according to Real Capital Analytics, and a further $6.5 billion in US acquisition deals overall, Crain’s Business reports.

"Internationally, New York real estate is a safe place to park assets," Michael Maduell, president of research firm Sovereign Wealth Fund Institute, told Crain’s Business. "And wealth funds are sometimes willing to pay more for assets than real estate fund managers. They're buying assets for the long term - like 20 to 30 years."

Qatar Investment Authority, created in 2005, handle the country’s windfall from liquefied natural gas sales, of which it is the world’s biggest exporter.

Since then, the sovereign wealth fund has become the 14th largest in the world.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Forgotten fees: the challenge of investing in Dubai property

Forgotten fees: the challenge of investing in Dubai property

Investors attracted to low service charges at some Dubai residential...

3
Dubai real estate: which way will it go?

Dubai real estate: which way will it go?

In this special report, Arabian Business analyses the state of...

3
Diving for answers: What's happened to Dubai Pearl?

Diving for answers: What's happened to Dubai Pearl?

The mysterious inability of a $6bn mega-project on prime land...

9
Most Discussed
  • 19
    It's time for restaurants to stop shaming smokers

    Comparing Driving to Smoking is the most shameless ploy to convince people that we should not persecute smokers.

    If your vehicle hits someone... more

    Thursday, 25 May 2017 12:47 PM - Elkhorn
  • 9
    Revealed: huge disparity in Dubai school fees

    I recall a recent study by Alpen Capital suggesting that the average cost of a child's entire life of schooling in Dubai is about AED 1 million. Although... more

    Monday, 29 May 2017 9:21 AM - New Expat
  • 5
    How Saudi Arabia blundered into OPEC oil cut

    Before Saudi Arabia's decision to move to unlimited production, analysts broadly thought break-even for shale was usd80. After the move, shale producers... more

    Tuesday, 30 May 2017 12:44 PM - Anastasios Dalgiannakis
sponsoredTracking