Read elsewhere of a news that Abu Dhabi Investment Authority has announced its plan to purchase the Time Warner Center. The Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund owned by Emirate of Abu Dhabi (in United Arab Emirates) founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi. It manages the emirate’s excess oil reserves, estimated to be as much as $500 billion. Its portfolio grows at an annual rate of about 10% compounded. The report suggested that Abu Dhabi Investment is in the final stages of the purchase deal which is worth USD1.3 billion.
![Russian financier Andrey Vavilov sells his penthouse in Time Warner Center, Russian financier Andrey Vavilov sells his penthouse in Time Warner Center,](http://m5.paperblog.com/i/128/1280137/russian-financier-andrey-vavilov-sells-his-pe-L-q_elOT.jpeg)
The archetype of the condo boom Time Warner Center was successfully marketed during the real estate malaise that followed the terrorist attacks of Sept. 11, 2001, and Russians too came buying. Many of the apartments were purchased through shell companies, a New York Times investigation identified at least 20 that have been owned by Russians or citizens of other former Soviet republics who, in all, invested more than $200 million in Time Warner Center condos.
![Russian financier Andrey Vavilov sells his penthouse in Time Warner Center, Russian financier Andrey Vavilov sells his penthouse in Time Warner Center,](http://m5.paperblog.com/i/128/1280137/russian-financier-andrey-vavilov-sells-his-pe-L-Rnq_Sw.jpeg)