|
Abu Dhabi fund takes control of Chrysler Building |
|
|
|
|
July 9 2008 Financial Times By Daniel Pimlott in New York http://tinyurl.com/57txwp An Abu Dhabi sovereign wealth fund has bought a controlling stake in the Chrysler Building, an icon of the Manhattan skyline, in the second acquisition of a trophy asset in New York by a Middle Eastern investor in little more than a month. The Abu Dhabi Investment Council (ADIC)is taking a 90 per cent stake in the landmark Art Deco tower for $800ml. Prudential Real Estate Investors is selling its 75 per cent stake in the tower, while Tishman Speyer, the New York developer, will sell part of its 25 per cent stake, according to the person. That was the highest price ever paid for a US building, for a skyscraper with one of the most sought-after locations in Manhattan. The acquisition comes after Meraas, an Dubai private equity fund, was among investors who took part in the $2.8bn acquisition of the GM Building in early June, along with Boston Properties and Goldman Sachs. The investments in the Chrysler and GM buildings come after Dubai World's investment with MGM Mirage for a hotel, casino and residential project in Las Vegas, and a $1.4bn investment last year in developer Related Companies from investors including the Abu Dhabi government and a Saudi Arabian firm. Many in the industry say they have seen increased interest from the Middle East, especially in top assets in major US cities such as New York, LA, Washington and Boston, as oil prices soar, the dollar remains weak and building values soften or fall.
Add this page to your favorite Social Bookmarking websites  |
