New York icon sold to Abu Dhabi

Niki May Young
Wednesday 09 Jul 2008

New York's Chrysler Building sale is complete

On the 12th of June WAN reported that a majority share of the Chrysler Building was to be sold to Abu Dhabi Investment Council. Now, less than a month later the deal has been done. Bloomberg have reported that the sale was completed yesterday in a move that symbolises Abu Dhabi’s strength on an international platform.

TMW, the German arm of an Atlanta investment company who owned the Art Deco icon sold their 75% share to oil-rich Abu Dhabi for an undisclosed price yesterday, although it was believed in June that the cost would be approximately $800million. Tishman Speyer Properties hold the last quarter share of the building and as part of the deal are to remain in control of the building.

Having been set up in 2006 by President Sheik Khalifa, the Abu Dhabi Investment Council is charged with building up a balanced investment profile and is able to make tax-free investments both inside and outside of the Emirates.

Niki May Young
News Editor

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