Qatar Investment Authority Qatar (QIA), a sovereign wealth fund, and U.S. Crown Acquisitions Inc., a real estate private equity firm, has bought a collection of Manhattan properties.
Almost half of the properties worth $5.6 billion were bought from U.S. real estate investment trust Vornado Realty Trust. The portfolio includes blocks home to brands from Disney to Salvatore Ferragamo
Under the deal, the companies will each buy stakes of about 24 percent, whereby, Vornado will keep a majority stake in the Manhattan venture holding the assets and serve as general manager.
QIA noted the transaction underlines its strategy to substantially boost its U.S. investments over the coming years.