Qatar investors of Qatar Investment Authority (QIA), along with other investors have acquired an office building in Beverly Hills California for $177 million.
The Wilshire Boulevard office building is a 171,000 square foot office property located in the middle of the golden triangle of Beverly Hills. (QIA was established in 2005. Headquartered in Doha it was founded as a means to strengthen the country's economy.)
Qatar Investment Authority is listed in the Middle East Investors Directory with the code BD44.
More details follows
Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced the acquisition of 9665 Wilshire Boulevard, a 171,000 square foot Class "A" office property for $177 million. The 85% leased property is located in the heart of the Beverly Hills golden triangle, immediately adjacent to world class restaurants and retail amenities. This acquisition increases Douglas Emmett's ownership share of the Beverly Hills Class "A" office market to over 25%.
The property will be held by an existing consolidated joint venture with institutional investors including Qatar Investment Authority (QIA). The same consolidated joint venture also acquired 1299 Ocean Avenue and 429 Santa Monica Boulevard in April 2017. A portion of the purchase price was provided by a $77.5 million secured, non-recourse interest only loan to the joint venture that matures July 2019 and bears interest at Libor plus 1.55%. Douglas Emmett provided 20% of the equity capital and manages the joint venture.
Douglas Emmett's total office portfolio now consists of 70 office properties totaling approximately 18.3 million square feet. Douglas Emmett also owns 10 premier apartment communities in Los Angeles and Honolulu comprising 3,320 units, and approximately 850 residential units under development.
For QIA, this acquisition represents another step in its plans to significantly expand its US investment portfolio, and follows other large Class "A" investments in real estate, such as the Manhattan West project in New York City in 2015, the acquisitions of the Westwood Office Portfolio with Douglas Emmett, and a 9.9% interest in Empire State Realty Trust in 2016. QIA has announced plans to invest $35 billion in North America over five years.
Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities.
Qatar Investment Authority was founded by the State of Qatar in 2005 following the vision of HH Sheikh Hamad bin Khalifa Al Thani to strengthen the country's economy by diversifying into new asset classes. Building on the heritage of Qatar investments dating back more than three decades, its growing portfolio of long-term investments help complement the state's huge wealth in natural resources.
Headquartered in Doha, and now with a subsidiary in New York called QIA Advisory, QIA is structured to operate at the very highest levels of global investing. As a world class investor, QIA adheres to the strictest financial and commercial disciplines. It has a strong track record of investing in different asset classes, including listed securities, property, alternative assets and private equity in all the major capital markets as well as the newer emerging markets.
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