Abu Dhabi fund takes full ownership of New York office block

Author: 
Reuters
ID: 
1560370510149439900
Wed, 2019-06-12 23:16

ABU DHABI: Abu Dhabi Investment Authority (ADIA) said on
Wednesday it had bought 25 percent of 330 Madison Avenue from
Vornado Realty Trust, gaining full ownership of the New York office
block.
ADIA, which the Sovereign Wealth Fund Institute estimates manages
nearly $700 billion in assets, has between 5 to 10 percent of its
portfolio in real estate.
The stake was bought by a subsidiary of ADIA, a spokesman said,
adding it had owned the rest of the property for 30 years.
The deal is expected to close in the third quarter of this
year.
Gulf sovereign wealth funds, especially Abu Dhabi and Qatari funds,
have for decades been investing in commercial real estate in Europe
and the US.
Vornado recently sold a non-controlling stake in its portfolio of
New York properties along Fifth Avenue and Broadway in a
transaction that provided the firm cash proceeds of about $1.2
billion.

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Abu Dhabi fund takes full ownership of New York office block