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[size=36]A new Qatari investment in the United States[/size]
Economy | 09:25 - 02/07/2019
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Qatar's sovereign wealth fund and US firm Douglas Emmet have taken over a $ 365 million real estate project in California, the Qatar Investment Authority said.
The deal involves the acquisition of a residential complex called The Glendon, located in Westwood, California, with 350 apartments and retail space of around 50,000 square feet, the country's sovereign fund said in a statement.
Qatar Investment Authority and Douglas Emmet have so far acquired nine management buildings in Los Angeles, but the new deal represents the first residential real estate investment in their partnership, the statement said.
Commenting on the transaction, Qatar Investment Authority Chief Executive Officer Mansour Al Mahmoud said that this confirms the Fund's sovereign ambition to significantly increase its US investments and its confidence in the long-term potential of Los Angeles and California.
Qatar, which derives its wealth from liquefied natural gas (LNG) exports, the largest of its kind in the world, manages assets worth nearly $ 300 billion through its sovereign fund.
The Qatar Investment Authority said it was looking to rebalance its portfolio by reducing its focus on Europe to invest more heavily in the United States, aiming to reach about $ 45 billion of US assets over the next two years, compared to about $ 30 billion currently. /s
Qatar's sovereign wealth fund and US firm Douglas Emmet have taken over a $ 365 million real estate project in California, the Qatar Investment Authority said.
The deal involves the acquisition of a residential complex called The Glendon, located in Westwood, California, with 350 apartments and retail space of around 50,000 square feet, the country's sovereign fund said in a statement.
Qatar Investment Authority and Douglas Emmet have so far acquired nine management buildings in Los Angeles, but the new deal represents the first residential real estate investment in their partnership, the statement said.
Commenting on the transaction, Qatar Investment Authority Chief Executive Officer Mansour Al Mahmoud said that this confirms the Fund's sovereign ambition to significantly increase its US investments and its confidence in the long-term potential of Los Angeles and California.
Qatar, which derives its wealth from liquefied natural gas (LNG) exports, the largest of its kind in the world, manages assets worth nearly $ 300 billion through its sovereign fund.
The Qatar Investment Authority said it was looking to rebalance its portfolio by reducing its focus on Europe to invest more heavily in the United States, aiming to reach about $ 45 billion of US assets over the next two years, compared to about $ 30 billion currently. /s
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