The Qatar Investment Authority and Douglas Emmett have agreed to buy residential scheme The Glendon in Los Angeles for $365m (£289m).
The scheme is located in Westwood, which will be the home of the 2028 Olympic Village. It includes 350 apartments and approximately 50,000 sq ft of shops.
QIA and Douglas Emmett to date have acquired nine office buildings in west Los Angeles along Wilshire Boulevard and in downtown Santa Monica. This is their first residential real estate joint investment.
With the goal to deploy $45bn throughout the US in the coming years, the acquisition is in line with QIA’s announced intention to increase the diversification of its portfolio across the US.
QIA chief executive Mansoor Al-Mahmoud said: “This underlines QIA’s ambition to substantially increase our US investments, and our confidence in the long-term possibilities offered by Los Angeles, and the State of California.”
Jordan Kaplan, chief executive of Douglas Emmett, added: “The Glendon acquisition confirms our commitment to expand our residential platform and our presence in Westwood.”
To send feedback, e-mail anna.ward@egi.co.uk or tweet @annaroxelana or @estatesgazette
