Dubai-based Gulf Islamic Acquires Altaïs Tower in Paris for USD 302mn in Year’s Largest Office Deal
Analyze Markets | 03/03/2021Gulf Islamic Investments LLC (GII), a Dubai-based investment and asset management firm, announced today the acquisition of Altaïs Tower in East Paris (the Property), for EUR 250mn (c. USD 302mn).
GII has acquired the Property from investors, including funds managed by Oaktree Capital Management LP, Arpent Capital, and Maple Knoll Capital.
The transaction is the largest-ever deal for the Shari’ah-compliant financial services firm with nearly USD 2bn in total AUM, including about USD 800mn investments in Europe.
GII didn’t disclose the Property’s net initial yield (NIY) and expected CoC yield.
The exited investor consortium refinanced the Property to the tune of EUR 150mn (c. USD 181mn) with German bank Helaba, last September, according to AnalyzeMarkets Data.
The Property:
Located in Montreuil in eastern Paris, the fully restructured Property comprises two buildings, 28 storeys, and 16 storeys, totalling 37,500 sqm in the lettable area.
With 99% leased on an average lease term of 12 years, Air France is the major tenant. GII has appointed L’Etoile Properties as a local property manager.
