Qatar Investment Authority and private realty firm Crown Acquisitions said they were the unnamed investors in a deal with Vornado Realty Trust valued at $5.56bn that involves a portfolio of prime New York retail properties. Vornado sold a non-controlling stake in its portfolio of properties along Fifth Avenue and Broadway in Times Square in a transaction that provided the firm cash proceeds of about $1.2bn. The deal comprised $950m of mortgage debt, $1.83bn of preferred equity entirely held by Vornado and $2.78bn of common equity in which Vornado holds 51%.