Qatar Investment Authority Invests in Empire State Realty Trust

Posted on 08/24/2016

The Qatar Investment Authority (QIA) acquired a 9.9% economic and voting interest in the Empire State Realty Trust Inc. through newly-issued shares. The Empire State Realty Trust is the owner of the famous Empire State Building in New York City, as well as other office and retail assets. QIA bought 29,610,854 newly-issued Class A common shares at US$ 21 each – essentially US$ 622 million investment. This transaction represents 19.4% of the REIT’s class A shares. Empire State Realty Trust has been a publicly traded REIT since October 2013.

Anthony E. Malkin, Chairman and CEO, Empire State Realty Trust said in the press release, “Our relationship with QIA is a great fit for ESRT. We look forward to a long and mutually beneficial relationship.”

Goldman, Sachs & Co. and Eastdil Secured acted as financial advisors for the Empire State Realty Trust. Goodwin Procter, Proskauer Rose, and Clifford Chance U.S. acted as Empire State Realty Trust’s legal counsel.

CBRE Group introduced QInvest to the Empire State Realty Trust. QInvest acted as financial advisor to QIA while White & Case acted as the QIA legal counsel.

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