A report has claimed that Qatar’s sovereign fund owns one of the top property in New York. QIA (Qatar Investment Authority) also owns huge deal of real estate in Europe’s London and Paris. It is believed that QIA now owns a 10.69 million square feet of real estate in New York.
This move makes Qatar the ninth largest property holder in the state. The August business gained QIA a 9.9 percent stake in the Empire State Realty Trust. The firm already has a dozen of other office and retail properties in Manhattan.
The firm has started to spend more in the US and Asia after focusing on European markets. The Wealth fund officials have stated that they would invest $35 billion in the US by 2020.
Michael Maduell, president of the Las Vegas-based research group the Sovereign Wealth Fund Institute, said:
“Internationally, New York real estate is a safe place to park assets. 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.”
According to Qatari officials there will be an investment of 5 billion euros on UK’s economy as they exit the European Union. Qatar also owns the Shard, the Olympic Village and Canary Wharf among many other properties.