Qatar fund invests in $8.6 billion Manhattan project

New York cabThe Qatar Investment Authority (QIA) is making good on its vow to step up investment in US assets by taking a 44% stake in an $8.6 billion dollar development project in west Manhattan.

The QIA, which said last month it was opening an office in New York to help deploy $35 billion of investment into the US in the next five years, says the project demonstrates its strategy of investing in high-quality real estate.

“It is also a further demonstration of QIA’s long-term confidence in the US market,” says Abdulla Al-Thani, chief executive of the fund.

The project is a mixed-use development in the Hudson Yards district in west Manhattan that is being built by Brookfield Property Partners.

“The sale of an interest in Manhattan West is consistent with our strategy of actively recycling capital by partnering with leading institutional capital providers,” says Ric Clark, chief executive of Brookfield Property Group.

The minister of finance for Qatar recently said the emirate does not plan to cut back any major infrastructure projects or cut state subsidies for fuel and food, despite the low oil price.

©2015 funds global MENA

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