Gulf Islamic Investments, a financial services firm that oversees almost $2 billion, has made its biggest to date house marketing transaction by buying a commercial property in Paris as part of what it is known as rapid investments over Europe.
Based in UAE, GII will give 250 million euros ($301 million) for Altais Towers, containing two buildings in eastern Paris, in its first purchase in the French capital, as per the statement on Tuesday.
The deal from a consortium containing funds overseen by Oaktree Capital Management brings GII’s total investments in Europe to about $800 million.
Even though the coronavirus outbreak sent investment in the European housing market jumping after the first dosage of infections, the deal shows the appeal of the French capital’s properties other than the health crisis.
GII, whose housing market investments in Europe containing upcoming projects in the UK and Germany, said the transaction puts it on course to bring benefits under management to $3 billion by the end of the year.
“Altais Towers is an exciting marker in GII’s growth trajectory,” said Mohammed Alhassan (pictured below), the firm’s founding partner and co-chief executive.
The secretly held Shariah-compliant organization centers around interests in elective resources like land, investment, and private value.
It’s set to declare the dispatch of its second India-centered asset in the second quarter that could surpass $50 million. This year, GII likewise hopes to conclude a realty exchange in Germany’s senior consideration industry, as per the assertion.