(Bloomberg) -- Gulf Islamic Investments LLC, a financial services firm that oversees nearly $2 billion, made its largest-ever real estate deal by purchasing a commercial property in Paris as part of what it called rapid investments across Europe.
Based in the United Arab Emirates, GII will pay 250 million euros ($301 million) for Altais Towers, comprising two buildings in eastern Paris, in its first acquisition in the French capital, according to a statement on Tuesday. The purchase from a consortium including funds overseen by Oaktree Capital Management LP brings GII's total investments in Europe to almost $800 million.
Although the coronavirus outbreak sent investment in European real estate plunging after the first wave of infections, the transaction highlights the appeal of the French capital's properties despite the health crisis.
Read more: Forget London House Prices. Take a Look at Paris
GII, whose real estate investments in Europe include forthcoming projects in the U.K. and Germany, said the deal puts it on course to bring assets 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, the firm's founding partner and co-chief executive.
The privately held Shariah-compliant company focuses on investments in alternative assets such as real estate, venture capital and private equity.
It's set to announce the launch of its second India-focused fund in the second quarter that could exceed $50 million. This year, GII also expects to finalize a realty transaction in Germany's senior care industry, according to the statement.
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