DUBAI: Gulf Islamic Investments (GII), a Dubai-based Shariah-compliant financial services firm, has bought a commercial tower block in Paris, in a deal valued at around $300 million.
The acquisition of Altais Towers in the east of the French capital is GII’s first purchase in the city and the firm’s largest real estate deal to date, bringing the value of its total investments in Europe to around $800 million.
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 billion 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 coronavirus disease (COVID-19) pandemic.”
Altais Towers is located in the Parisian suburb of Montreuil and comprises two towers with 28 and 16 floors, respectively.
Founded in 2014, GII has nearly $2 billion of assets under management and is currently looking at other projects in Europe, namely in the UK and Germany.