Abu Dhabi – Mubasher: Abu Dhabi Investment Authority (ADIA) has purchased a 25% stake in 330 Madison Avenue in New York from Vornado Realty Trust, a spokesman of ADIA told Reuters on Wednesday.
The stake has been bought by a subsidiary of the Emirati sovereign wealth fund, the spokesman highlighted.
He noted that ADIA used to hold a 75% stake in the property for 30 years and has fully acquired it now.
On Monday, the US-based Vornado revealed it agreed to sell its 25% stake in the property under a buy/sell process initiated by ADIA partner at a value of $900 million.
Located in a prime location, the tower spans over 846,000-square-foot and is a block from Grand Central Terminal and One Vanderbilt.
According to ADIA’s annual report, the Abu Dhabi fund allocates around 5% to 10% of its giant portfolio to real estate investments.
ADIA manages about $696 billion in assets under management, which makes it the third-largest fund in the world, according to data from the Sovereign Wealth Fund Institute.
