{"id":1004150905,"date":"2016-08-24T23:47:01","date_gmt":"2016-08-25T07:47:01","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150905"},"modified":"2020-05-10T23:28:44","modified_gmt":"2020-05-11T07:28:44","slug":"qataris-buy-622m-stake-in-nyc-based-reit","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/","title":{"rendered":"Qataris Buy $622M Stake in NYC-Based REIT"},"content":{"rendered":"<p>By Scott Baltic, Contributing Editor<\/p>\n<div id=\"attachment_1004150906\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150906\" data-attachment-id=\"1004150906\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/337bee3\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg\" data-orig-size=\"300,300\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"337bee3\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg?w=300\" class=\"wp-image-1004150906 size-full\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg\" alt=\"Jim Costello, Real Capital Analytics\" width=\"300\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg?resize=150,150 150w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004150906\" class=\"wp-caption-text\">Jim Costello, Real Capital Analytics<\/p><\/div>\n<p><strong>New York<\/strong>\u2014A 9.9 percent interest in <a href=\"https:\/\/www.empirestaterealtytrust.com\/\" rel=\"nofollow\" target=\"_blank\">Empire State Realty Trust Inc.<\/a> has been acquired by an affiliate of the <a href=\"https:\/\/www.qia.qa\/\" rel=\"nofollow\" target=\"_blank\">Qatar Investment Authority<\/a> through a new $622 million investment, the New York\u2013based REIT announced late Tuesday.<\/p>\n<p>QIA purchased approximately 29.6 million worth of newly issued Class A common shares of ESRT at $21.00 per share, equivalent to a 9.9 percent economic and voting interest on a fully diluted basis. This interest represents a 19.4 percent ownership of Class A shares, but QIA can only vote shares equivalent to 9.9 percent of all voting securities, with the balance of their shares to be voted by ESRT in accord with the votes of all other voting securities.<\/p>\n<p>\u201cWith the recent expansion of the Company\u2019s unsecured revolving credit facility to $1.1 billion and now this addition of QIA\u2019s equity investment, our ability to drive long-term value for all ESRT shareholders is further enhanced,\u201d ESRT Executive Vice President &amp; CFO David Karp said in a prepared statement.<\/p>\n<p>ESRT, which owns office and retail properties in Manhattan and elsewhere in metropolitan New York, did not respond to <em><a href=\"https:\/\/www.commercialsearch.com\/news\/\" target=\"_blank\">Commercial Property Executive<\/a><\/em>\u2019s request for further information.<\/p>\n<p>Darcy Stacom of CBRE Group introduced <a href=\"https:\/\/www.qinvest.com\/\" rel=\"nofollow\" target=\"_blank\">Qinvest<\/a>, Qatar\u2019s leading investment bank, to ESRT. Goldman, Sachs &amp; Co. and Eastdil Secured acted as financial advisors to ESRT, and Goodwin Procter, Proskauer Rose, and Clifford Chance U.S. acted as ESRT\u2019s legal counsel. QInvest acted as financial advisor to QIA, and White &amp; Case was QIA\u2019s legal counsel.<\/p>\n<p>\u201cWith oil prices down the way they have been in recent years, there was a fear that investors out of the Middle East would not be as active this year as they had in the past,\u201d Jim Costello, senior vice president at <a href=\"https:\/\/www.rcanalytics.com\/Default.aspx?SessionState=-1\" rel=\"nofollow\" target=\"_blank\">Real Capital Analytics<\/a>, told <em>CPE<\/em>. He added that the pace of deal flow by Middle Eastern buyers does indeed seem to be lower than last year, but \u201cthe percent being directed to the U.S. is higher.\u201d<\/p>\n<p>For the year to date, funds out of the Middle East have been involved in direct property acquisitions totaling $8 billion in the United States, which represents roughly 60 percent of Middle Eastern investments globally, Costello continued. By contrast, for 2015 overall, Middle Eastern investors deployed only 38 percent of their capital for direct property acquisitions in this country.<\/p>\n<p>Overall, Costello calls the QIA-ESRT deal \u201can investor vote of confidence on the future of New York.\u201d<\/p>\n<p><em>Image via LinkedIn<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An affiliate of the Qatar Investment Authority has acquired a 9.9 percent interest in Empire State Realty Trust.<\/p>\n","protected":false},"author":882,"featured_media":1004150906,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,1600,21742,10],"tags":[],"class_list":["post-1004150905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-new-york","category-latest","category-northeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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He earned a master\u2019s in journalism from Northwestern University\u2019s Medill School of Journalism and has a bachelor\u2019s from North Park University.\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/scott-baltic\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Qataris Buy $622M Stake in NYC-Based REIT - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/","og_locale":"en_US","og_type":"article","og_title":"Qataris Buy $622M Stake in NYC-Based REIT","og_description":"An affiliate of the Qatar Investment Authority has acquired a 9.9 percent interest in Empire State Realty Trust.","og_url":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2016-08-25T07:47:01+00:00","article_modified_time":"2020-05-11T07:28:44+00:00","og_image":[{"width":300,"height":300,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg","type":"image\/jpeg"}],"author":"Scott Baltic","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/","url":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/","name":"Qataris Buy $622M Stake in NYC-Based REIT - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg","datePublished":"2016-08-25T07:47:01+00:00","dateModified":"2020-05-11T07:28:44+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/337bee3.jpg","width":300,"height":300},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/qataris-buy-622m-stake-in-nyc-based-reit\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Qataris Buy $622M Stake in NYC-Based REIT"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555","name":"Scott Baltic","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Scott.jpg?w=96","caption":"Scott Baltic"},"description":"Scott Baltic has been a contributing editor with Commercial Property Executive since 2011 and also wrote for its predecessor, Commercial Property News. 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