- The Abu Dhabi Investment Authority (ADIA) revealed today that it had acquired a 25% stake in 330 Madison Avenue, New York from Vornado Realty Trust.
- Today’s acquisition makes the sovereign wealth fund the sole owner of the office block located close to the iconic Grand Central Station.
An ADIA spokesman told Reuters that the fund had owned 75% of the building for over 30 years and that a subsidiary purchased the additional stake.
The parties involved expect to finalise the transaction in Q3 2019.
Today’s announcement was not surprising as the Abu Dhabi sovereign fund and its gulf counterparts have invested in commercial real estate in the US for decades.