Qatari Diar has made its first major move into the US market in a $700m financing deal in Washington DC.
The company is a key investor in Hines-Archstone’s $700m development of CityCenterDC in downtown Washington DC.
Hines/Archstone announced today that construction on the site had begun after it received 100% equity financing for the project.
Qatari Diar Real Estate Investment Co. is the cornerstone investor in the deal. Qatari Diar is the real estate investment arm of the Qatari Investment Authority and the financing was put in place by Barwa Bank’s investment banking subsidiary The First Investor.
Designed by Foster+Partners, CityCenterDC is a 10-acre, mixed-use development located in Washington’s city centre.
The first phase of the project is a pedestrian-friendly neighbourhood with more than 185,000 sq ft of retail situated at the base of six buildings that include 458 rental apartments and 216 condominiums, as well as 520,000 sq ft of office space.
nathan.cross@estatesgazette.com
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