April 19, 2019 / 4:31 PM / 6 months ago

Qatar's sovereign fund joins Crown Acquisitions to buy NY properties

DUBAI, April 19 (Reuters) - Qatar Investment Authority (QIA) and private realty firm Crown Acquisitions have jointly bought a significant stake in a portfolio of prime New York retail properties owned by Vornado Realty Trust.

The statement came after Vornado had announced on Thursday that it had sold a stake in a portfolio of New York properties along Fifth Avenue and Broadway in Times Square for about $1.2 billion in cash in a deal in which it retains majority control of the assets. It had not named QIA as an investor.

QIA said it is jointly acquiring with its partner Crown Acquisitions a 24 percent stake in the portfolio of properties that are valued at $5.6 billion. (Reporting by Saeed Azhar; editing by David Evans)

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