DOHA (Reuters) - Qatar Investment Authority (QIA) and real estate investment trust Douglas Emmett Inc (DEI.N) have acquired a $365 real estate development in California, the Qatari sovereign wealth fund said on Monday.
The deal is for the acquisition of The Glendon, a residential community in Westwood, California with 350 apartments and approximately 50,000 square feet of retail, the statement said.
Qatar, whose wealth comes from the world’s largest exports of liquefied natural gas, manages about $300 billion in assets via its sovereign wealth fund.
QIA has said it is looking to rebalance its portfolio away from Europe in order to invest more heavily in the United States, with a target of reaching about $45 billion in U.S. assets over the next two years from about $30 billion currently.
“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,” QIA Chief Executive Officer Mansoor Al-Mahmoud said.
QIA and Douglas Emmett have to date acquired nine office buildings in Los Angeles, but the latest deal marks the first residential real estate investment for the partnership, the statement said.
(Adds dropped word “million” in first paragraph)
Reporting by Eric Knecht; editing by Grant McCool