QIA & Crown Acquire Iconic Properties in Fifth Avenue and Times Square in New York City

QIA & Crown Acquire Iconic Properties in Fifth Avenue and Times Square in New York City

      Crown Acquisitions (Crown) and Qatar Investment Authority (QIA) announced a co-investment 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 a nearly 24% stake each in a Vornado Realty Trust portfolio of prime retail properties, estimated at $5.6bn and more than 910,000 sq ft, containing many of New York City’s “high end shopping and most iconic” leisure destinations.

       Vornado Realty Trust is one of the largest owners and managers of street retail properties in Manhattan. On Times Square, the portfolio of assets include one of New York’s most recognisable 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.

      The world famous Fifth Avenue, New York City, has been synonymous with luxury retailing and home to many of the world’s leading brands for more than a century. The portfolio of assets acquired 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, respectively.

      Commenting on the deal announcement, Haim Chera, principal, Crown Acquisitions, said: “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”.

      QIA CEO 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.

      QIA’s investment in the portfolio is part of its broad and long-term partnership with Crown Acquisitions, and fundamental to QIA’s aim of increasing its US investments to $45bn in the coming years.

Source: Gulf Times