UAE-based financial services company Gulf Islamic Investments (GII) has acquired an office tower in Paris for $300 million, the firm’s biggest property deal to date, as part of its plan to grow its real estate investments across Europe.
The deal puts the financial service company on track to hit $3 billion in total assets under management by the end of 2021 from nearly $2 billion now, according to GII.
Mr. Mohammed Alhassan Founding Partner and Co-Chief Executive of GII remarked that “Altaïs Towers is an exciting marker in GII’s growth trajectory. 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 deploys private capital across a range of sectors including real estate, private equity, and venture capital. Ultra-high-net-worth individuals, family offices, banks, institutions, and sovereign wealth funds in the Gulf and Asia are among its clients.
The transaction marks GII’s first acquisition in Paris and its largest real estate acquisition so far, taking the value of its total investments in Europe to nearly $800 million.
Mr. Pankaj Gupta Founding Partner and Co-Chief Executive of GII stated that “the acquisition is consistent with our long-term real estate investment strategy of acquiring high-quality assets in major cities”.
Altaïs Towers, situated in the eastern Parisian suburb of Montreuil, consists of two buildings with a total lettable area of 37,500 square meters. Altaïs Towers is currently 99 percent leased on an average lease term of 12 years. GII has appointed L’Etoile Properties as a local property manager.
“It is rapidly diversifying across asset classes and geographies. The firm is finalizing its second India-focused investment portfolio, which will start in the second quarter of 2021. The portfolio will include investment opportunities across various sectors, with a projected value of more than $50m”, the firm responded.
GII also plans to conclude a property transaction in the senior care segment in Germany this year, making inroads in the country’s growing elderly care market expected to be worth approximately $80 billion by 2025.