QIA invests in $5.6 billion portfolio of New York retail properties

April 19, 2019  (New York / Dubai)

According to an article on Reuters, QIA and private realty firm Crown Acquisitions said on Friday they were the unnamed investors in a deal with Vornado Realty Trust valued at $5.56 billion that involves a portfolio of prime New York retail properties.

Vornado sold a non-controlling stake in its portfolio of properties along Fifth Avenue and Broadway in Times Square in a transaction that provided the firm cash proceeds of about $1.2 billion

QIA Chief Executive Mansoor Al-Mahmoud said in a statement the investment underlined QIA’s ambition to boost its investments to $45 billion in coming years and  was quoted saying “our belief in the exciting long-term possibilities offered by New York City.”

Read the original article on Reuters:  QIA named as one of the investors in $5.6 billion New York deal