Gulf Islamic Investments pays $300m for property in France
Gulf Islamic Investments bought two office blocks in Paris for $300 million as it expands its property portfolio across Europe.
The transaction put the UAE financial services company on track to grow the value of its assets under management from $2 billion to $3bn by the end of this year.
“Altais Towers is an exciting marker in GII’s growth trajectory,” said GII’s founding partner and co-chief executive Mohammed Alhassan.
“This acquisition highlights our deep and diversified global experience as we expand into new geographies and execute transactions of this scale and complexity, especially amidst the challenges presented by the Covid-19 pandemic.”
GII invests private capital in a range of sectors that include property, private equity and venture capital.
Its clients include ultra-highnet-worth people, family offices, banks, institutions and sovereign wealth funds in the Gulf and Asia.
Altais Towers, a fully restructured commercial property, was sold by a consortium made up of Arpent Capital, Maple Knoll Capital and funds managed by Oaktree Capital Management.
The acquisition – GII’s first in Paris and its largest property deal so far – brings the value of GII’s investment in Europe to about $800m.
The transaction is “consistent with our long-term real estate investment strategy of acquiring high-quality assets in major cities”, said Pankaj Gupta, GII’s founding partner and co-chief executive.
Located in the eastern Parisian suburb of Montreuil, Altais Towers comprises two buildings with a leasable floor area of 3.75 hectares.
The towers have an occupancy rate of 99 per cent and an average lease term of 12 years. GII appointed L’Etoile Properties as local property manager. The financial services company said it is rapidly diversifying across asset classes and territories.
GII is finalising its second India-focused investment portfolio, which is expected to start in the second quarter of this year.
The portfolio will include investment opportunities with a project value of more than $50m in various sectors.
The financial services company also expects to conclude a property deal this year in Germany’s senior care market as it makes inroads in the sector.