July 10, 2008	Thursday	Rajab 6, 1429

NEW YORK: The Abu Dhabi Investment Council has bought the landmark New York skyscraper, the Chrysler Building, for $800 million, sources close to the deal said on Wednesday.

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 Inc over its 75 per cent stake in the renowned Art Deco building.

“We have sold our stake of 75 per cent,” Prudential spokeswoman Theresa Miller said.

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 over 800 billion dollars of assets under management and made a $7.5 billion investment in Citigroup, one of America’s biggest financial institutions, last November. It is managed by the largest emirate in the UAE.

The fund does not usually publicise its operations. UAE media reports say it recently reformed 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 erected between 1928 and 1930 and was New York’s tallest building until its skyward reach was surpassed by the Empire State Building.

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

The Chrysler Building and its extensive office space were originally constructed for the Chrysler car company.—AFP