August 24, 2016 Comments Off on Qatar Invests $622M in Empire State Realty Trust Views: 310 National News, New York News, Northeast

Qatar Invests $622M in Empire State Realty Trust

An affiliate of Qatar Investment Authority (QIA) acquired a 9.9% interest in Manhattan-based Empire State Realty Trust Inc. (ESRT) The investment involves a 19.4% ownership of Class A shares valued at $622 million.

Darcy Stacom of CBRE Group introduced QInvest to the ESRT, while Goldman, Sachs & Co. and Eastdil Secured acted as financial advisors. Goodwin Procter, Proskauer Rose, and Clifford Chance U.S. acted as legal counsel for the REIT. QInvest acted as financial advisor, and White & Case acted as legal counsel for QIA.

Said REIT CEO David A. Karp, “With the recent expansion of the Company’s unsecured revolving credit facility to $1.1 billion, and now this addition of QIA’s equity investment, our ability to drive long-term value for all ESRT shareholders is further enhanced.”

Read More at Businesswire

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