Aug
25
Qataris Buy $622M Stake in NYC-Based REIT
ByAn affiliate of the Qatar Investment Authority has acquired a 9.9 percent interest in Empire State Realty Trust.
Jim Costello, Real Capital Analytics
New York—A 9.9 percent interest in Empire State Realty Trust Inc. has been acquired by an affiliate of the Qatar Investment Authority through a new $622 million investment, the New York–based REIT announced late Tuesday.
QIA purchased approximately 29.6 million worth of newly issued Class A common shares of ESRT at $21.00 per share, equivalent to a 9.9 percent economic and voting interest on a fully diluted basis. This interest represents a 19.4 percent ownership of Class A shares, but QIA can only vote shares equivalent to 9.9 percent of all voting securities, with the balance of their shares to be voted by ESRT in accord with the votes of all other voting securities…
