Abu Dhabi Investment Authority (Adia), the sovereign wealth fund of the emirate, bought the remaining 25 per cent stake in 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the Manhattan property. Adia, which has owned 75 per cent of the office block close to the Grand Central Station for about three decades, bought the stake through one of its subsidiaries, a spokesman told <em>The National</em>. The fund did not disclose the value of the deal, but Vornado said it has agreed to sell its interest as part of a "buy/sell process initiated by its 75 per cent partner at a $900 million (Dh3.3 billion) valuation". The sale is subject to customary closing conditions and is expected to be completed in the third quarter, Vornado said on its website. Adia is the third biggest fund that invests on behalf of the government – after Norway and China, according to the Sovereign Wealth Fund Institute. It holds directly, or through its subsidiaries, investments across various asset classes including equities, fixed income, real estate and private equity. The fund has between 5 per cent to 10 per cent of its portfolio in real estate and has been investing in prime commercial properties for years. In April, Adia and India's National Investment & Infrastructure Fund (NIIF) agreed to buy a 49 per cent stake in the airport unit of Indian conglomerate GVK Power & Infrastructure. The two companies signed a term sheet and exclusivity deal with GVK Airport Developers for an investment in new shares in GVK Airport Holdings, GVK Power & Infrastructure said at the time. In February, a wholly owned subsidiary of Adia partnered with India's Kotak Investment Advisors to set up a $500m fund that seeks non-performing loans in the third-largest Asian economy. The Kotak Special Situations Fund, is anchored by a commitment from the Adia subsidiary and will target both pre-stress and distressed opportunities. The focus will be on providing financial support to pre-stress businesses to prevent them from entering insolvency, UAE state news agency Wam reported.