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Gulf Islamic Investments sign USD 300 million real estate deal for Paris towers

Atlais Tower (2)
Dubai-based Gulf Islamic Investment (GII) has acquired Altaïs Towers, in the French capital, in a USD 300 million deal

As part of its rapid investment outreach in Europe, Dubai-based Shariah-compliant financial services firm, Gulf Islamic Investments (GII) has acquired its largest-ever real estate deal after it purchased Altaïs Towers in Paris for USD 301 million.

The commercial building, comprising two tower blocks in the French capital, is the company’s first real estate acquisition in France and brings GII’s totally investments in Europe to almost USD 800 million.

GULF ISLAMIC INVESTMENTS ON COURSE TOWARDS USD 3 BILLION

According to Mohammed Alhassan, Founding Partner and Co-CEO of Gulf Islamic Investments, the acquisition marks the company’s growth trajectory to USD 3billion by the end of 2021.

“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.”

AtlaisTowerInside

GII LOOKS TO INVEST IN EUROPE

The acquisition is in line with the company’s long-term investment strategy as it looks at acquiring high-quality assets in major cities.

“The acquisition of Altaïs Towers is a landmark transaction that reflects GII’s vigilant and visionary approach in sourcing and developing outstanding investment opportunities in some of the world’s most attractive and liquid realty markets. We are delighted to have capitalised on this compelling opportunity to expand our European real estate portfolio and continue to build on the GII success story,” said Mohammed Rashed Alnasri, Chairman of GII.

Altaïs Towers is currently 99% leased on an average lease term of 12 years to several government as well as Air France’s commercial Head Office for domestic operations. L'Etoile Properties has been appointed as local property manager through its global real estate team.

Photo Credit: www.reichen-robert.fr/en/project/tour-altais

 

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