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QIA, Crown acquire iconic retail properties in New York

QIA, Crown acquire iconic retail properties in New York

Qatar Investment Authority (QIA) and Crown Acquisitions (Crown) have announced a deal to acquire prime retail properties in Fifth Avenue and Times Square in New York City. Crown Acquisitions and QIA have co-invested to acquire 24 percent stake each in a Vornado Realty Trust portfolio of prime retail properties estimated at $5.6 billion and more than 910,000 sq ft, containing many of New York City’s high-end shopping and most iconic leisure
destinations.
CEO of QIA, Mansoor al Mahmoud, said: “We are pleased to have partnered with Crown Acquisitions to acquire this portfolio of exclusive properties in one of the world’s most iconic retail space. This investment underlines QIA’s ambition to increase our US investments over the coming years, and our belief in the exciting long-term possibilities offered by New York City.”

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