(MENAFN - The Peninsula) QNADoha: The Qatar Investment Authority (QIA) and Douglas Emmett Inc. announced yesterday a further $365m acquisition by their multibillion-dollar real estate partnership. This latest investment is an acquisition of The Glendon, a residential community in Westwood with 350 apartments and approximately 50,000 square feet of retail.
The Glendon is located within walking distance of UCLA Campus, and the Ronald Reagan UCLA Medical Center in Westwood. Westwood has more than 300 local shops and restaurants, and 1.7 million sq feet of Class A high rise office properties previously purchased in a partnership between QIA and Douglas Emmett. Westwood will also be the home of the 2028 Olympic Village.
The location provides excellent connectivity to the areas growing population from primary transportation corridors including the I-405 and I-10 Freeways, as well as the LA Metro Purple Line extension planned for 2026.
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.
Douglas Emmetts total office portfolio consists of 72 office properties totaling approximately 18.4 million sq feet, and premier apartment communities in Los Angeles and Honolulu, comprising over 4,000 units.
With the goal to deploy $45bn throughout the US in the coming years, the acquisition is in line with QIAs announced intention to increase the diversification of its portfolio across the United States.
Commenting on the acquisition, CEO of QIA Mansoor Al Mahmoud said: '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.
He added that the deal 'underlines QIAs ambition to substantially increase our US investments, and our confidence in the long-term possibilities offered by Los Angeles, and the State of California.
CEO of Douglas Emmett, Jordan Kaplan said that 'The Glendon acquisition confirms our commitment to expand our residential platform and our presence in Westwood, home of the 2028 Olympic Village. It also provided the perfect opportunity to broaden our relationship with QIA, an exemplary partner who shares our strategic long-term vision.