Dubai-based Shariah-compliant financial services firm Gulf Islamic Investments (GII) has announced the acquisition of the Altaïs Towers in the Parisian suburb of Montreuil for €250 mln ($300 mln).
The deal represents GII’s first foray into the French capital and the firm’s largest real estate deal to date, bringing the value of its total investments in Europe to around $800 mln.
Altais Towers comprises two towers with 28 storeys and 16 storeys respectively, offering 37,500 m2 of recently restructured and fully occupied space. The tower was sold by a consortium including funds overseen by Oaktree Capital Management, Arpent Capital and Maple Knoll Capital.
Mohammed Al-Hassan, founding partner and co-CEO of GII, said: ‘Altais Towers is an exciting marker in GII’s growth trajectory, as we head toward achieving a total AUM (assets under management) of $3 bn by the end of 2021.’
He added: ‘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 coronavirus disease (Covid-19) pandemic.’
