Qatar Investment Authority (QIA), which manages the country’s international investments, had earlier in January shared its plans of investing at least $45bn in the US over the next two years.

In addition to several other large-scale investments, facilitated by QIA, Qatar also owns several high-profile assets in the UK.

Adding to this list is another announcement of a co-investment deal inked between QIA and Crown Acquisitions (Crown), a private realty firm, to secure iconic properties in New York’s Fifth Avenue and Times Square.

QIA and Crown, which acted as an advisor to the deal, have acquired a 24 percent stake each in a Vornado Realty Trust portfolio of prime retail properties, valued at $5.6bn, according to Reuters.

Vornado Realty Trust is one of the largest owners and managers of street retail properties in Manhattan.

The portfolio covers 910,000 sq ft, comprising many of New York City’s high end shopping and most iconic leisure destinations.

"Crown [Acquisitions] & #Qatar Investment Authority will each acquire a 24 per cent stake in a portfolio of properties controlled by Vornado Realty Trust which they estimate to be worth $5.6bn." Read more here. #QatarAmerica https://t.co/XcfUsjaTUp

— Qatar-America Institute (@QatarAmerica) April 22, 2019

In addition, the portfolio of assets include one of New York’s most recognizable retail blocks and home to brands including MAC, Polo, Forever 21, and Disney, at 1540 Broadway, and the retail space at one of the world’s most popular touristic destinations, the Marriott Marquis at 1535 Broadway. 

“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,” said Mansoor Al Mahmoud, CEO of QIA.

“This investment underlines QIA’s ambition to substantially increase our US investments over the coming years, and our belief in the exciting long-term possibilities offered by New York City,” he added.

Haim Chera, Principal of Crown Acquisitions, noted, “Crown Acquisitions looks forward to this long-term and successful partnership with QIA, and we are delighted that they share our vision for this exclusive and high-class portfolio”.  

New York City’s world-famous Fifth Avenue has been synonymous with luxury retailing and has housed some of the world’s leading brands for more than a century.

The portfolio of assets acquired in this QIA-Crown deal includes flagship brands and famous stores such as Victoria’s Secret, Salvatore Ferragamo, Massimo Dutti, Harry Winston, and the St. Regis Hotel on Fifth Avenue.
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Cover Image Credit: Qatar Tribune