July 2, 2019 (Los Angeles)
According to an article published on Yahoo! Finance, the Qatar Investment Authority (QIA) has announced a further $365 million acquisition by its multi-billion dollar real estate partnership.
This latest investment made an acquisition of a residential community in Westwood (Santa Monica, LA) with 350 apartments and approximately 50,000 square feet of retail.
This is the first residential real estate joint investment by QIA and Douglas Emmett. To date, the two companies have jointly acquired nine office buildings in West Los Angeles. With the goal to deploy $45 billion throughout the U.S. in the coming years, the acquisition is in line with QIA’s announced intention to increase the diversification of its portfolio across the United States.
“We are pleased to have invested with Douglas Emmett , a trusted partner, and to add a high-end residential property to our existing Los Angeles real estate portfolio.” said the CEO of QIA, adding “This underlines QIA’s ambition to substantially increase our U.S. investments, and our confidence in the long-term possibilities offered by Los Angeles, and the State of California .”
Read the original article on Yahoo! Finance: QIA & Douglas Emmett acquires The Glendon