LOS ANGELES, March 1, 2016 — King & Spalding advised Douglas Emmett, Inc. (NYSE: DEI) on the acquisition of four office buildings in West Los Angeles for approximately $1.34 billion, and also advised DEI on a joint venture with Qatar Investment Authority (QIA) to provide equity capital to fund the purchase of the properties.
Douglas Emmett plans to retain 20 to 30 percent of the equity in the joint venture, with the remaining interests being held by QIA and other institutional partners. The joint venture has obtained a non-recourse, $580 million, interest-only loan with a seven-year term.
DEI is a real estate investment trust (REIT), and one of the largest owners and operators of office and multifamily properties located in Los Angeles and Honolulu. The King & Spalding real estate industry team on these transactions was led by partner Mark Thigpen and includes partners Jennifer Morgan and Chris Hoffman, senior associate Doug Elsbeck, and associates David Hudson and Clara Kim. Partner Peter Genz and senior associate Robert Beard provided tax expertise on the transactions.
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