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19 July 2008

Arabs buy New York landmark for $840m

The Abu Dhabi Investment Council had bought the landmark New York skyscraper the Chrysler Building for $US800million ($A839.6million), sources close to the deal said.

Media reports had said the Abu Dhabi Investment Council, an investment fund based in the United Arab Emirates, had been holding negotiations with a subsidiary of Prudential Financial over its 75 per cent stake in the renowned art deco building.

Prudential spokeswoman Theresa Miller said, ''We have sold our stake of 75 per cent on Tuesday.''

The 77-storey Chrysler Building, one of New York's best-known skyscrapers, is 25 per cent owned by Tishman Speyer Properties, a privately held New York real estate firm.

The secretive Abu Dhabi Investment Council has more than $A839.6billion of assets under management and made a $A7.87billion investment in one of America's biggest financial institutions, Citigroup, last November.

It is managed by the largest emirate in the oil-rich UAE.

The fund does not usually publicise its operations.

UAE media reports say the fund recently re-formed itself into the Abu Dhabi Investment Council, having previously operated as the Abu Dhabi Investment Authority.

The Chrysler Building, which was designed by the architect William Van Alen, was built between 1928 and 1930 and was New York's tallest building until it was surpassed by the Empire State Building in 1931.

Deep-pocketed UAE investment groups have purchased and sold a number of high profile New York buildings in recent

years. AFP

POSTED BY / .canberratimes.com.au

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