Monday 19 April 2021

Mohammed Rashed Alnasri

GII acquires $300 million office tower in Paris

PARIS, March 3, 2021

Gulf Islamic Investments (GII), a leading Shari’ah-compliant global financial services firm, said that it has acquired Altaïs Towers, a fully restructured commercial property in East Paris, for approximately $300 million.

The property was sold by a consortium including Arpent Capital, Maple Knoll Capital and funds managed by Oaktree Capital Management. The deal marks GII’s first acquisition in Paris and the firm’s largest real-estate acquisition to date, bringing the value of its total investments in Europe (including the UK) to nearly $800 million.

Mohammed Rashed Alnasri, Chairman of GII said: “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 capitalized on this compelling opportunity to expand our European real estate portfolio and continue to build on the GII success story.”

Mohammed Alhassan, Founding Partner and Co-CEO of Gulf Islamic Investments commented: “Altaïs Towers is an exciting marker in GII’s growth trajectory, as we head towards achieving a total AUM 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 Covid-19 pandemic.”

Pankaj Gupta, Founding Partner and Co-CEO of Gulf Islamic Investments added: “GII’s ethos is to serve as a partner for growth. The Altaïs Towers acquisition is a capstone achievement in our over 7 year history of investing in Europe and consistent with our long-term real estate investment strategy of acquiring high-quality assets in major cities. GII is uniquely positioned to originate premium investment opportunities that deliver superior value to our shareholders and investors and ensure our tenants benefit from a strong value proposition.”

Strategically located in the eastern Parisian suburb of Montreuil, Altaïs Towers comprises two buildings, 28 storeys and 16 storeys respectively, totalling 37,500 sq m in lettable area. The property is directly accessible via metro, 7 minutes away from the Peripherique (Paris Ring Road) and less than 25 minutes away from both major Parisian airports.

Altaïs Towers is currently 99 percent leased on an average lease term of 12 years to a prestigious tenant roster including Air France’s commercial Head Office for domestic operations and various government tenants, the latter occupying 62 percent of the property. GII has appointed L'Etoile Properties as local property manager through its global real estate team.

Altaïs Towers recently underwent a major redevelopment to the highest standards ensuring its long-term sustainability and aesthetic appeal, while also catering to the modern-day commercial office preferences of an increasingly younger workforce.

In addition, it exemplifies the highest levels of energy and environmental performance securing the Haute Qualité Environnementale (HQE) certification with a rating of “Exceptional” and the Leadership in Energy and Environmental Design (LEED) Gold certification, among others. – TradeArabia News Service


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