Abu Dhabi Fund looks to sell $1.7 billion worth of properties in Paris

ADIA is one of the world’s largest sovereign wealth funds

Abu Dhabi Investment Authority headquarters.

Abu Dhabi Investment Authority headquarters.

The Abu Dhabi Investment Authority, one of the world’s largest sovereign-wealth funds, is seeking offers for Paris office buildings valued at 1.5 billion euros ($1.7 billion) to cash in on increased investor appetite for French assets, according to three people with knowledge of the matter.

ADIA, as the fund is known, hired broker Cushman & Wakefield Inc to market the properties, the people said, asking not to be identified because any deal would be private. The portfolio comprises 6-8 Boulevard Haussmann, a 24,000 square-meter (258,300 square-foot) office building leased to French bank BPI France as well as a building in the La Defense business district and a third office in another prime area of Paris.

Spokesmen for ADIA and Cushman & Wakefield declined to comment.

Companies including Goldman Sachs Group Inc. and Carlyle Group LP have been encouraged to invest in areas such as La Defense, the largest office district in Europe, because they can build or renovate relatively cheaply. Take-up of office space in the French capital reached a record 330,200 square meters in the fourth quarter, according to broker Savills Plc.

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

NOTE: Comments posted on arabianbusiness.com may be printed in the magazine Arabian Business

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
First bank merger in 20 years sets Saudi Arabia up for more deals

First bank merger in 20 years sets Saudi Arabia up for more deals

Q&A look at what the planned merger of HSBC and RBS’s Saudi ventures...

A natural move: How Dubai Chamber is strengthening its ties in Latin America

A natural move: How Dubai Chamber is strengthening its ties in Latin America

With vast resources and more than half-a-billion people, the...

If Saudi future's so bright, why can't these banks find buyers?

If Saudi future's so bright, why can't these banks find buyers?

No big-name global banks eager to buy stakes in Saudi banks,...

Most Discussed
  • 9
    Revealed: huge disparity in Dubai school fees

    I recall a recent study by Alpen Capital suggesting that the average cost of a child's entire life of schooling in Dubai is about AED 1 million. Although... more

    Monday, 29 May 2017 9:21 AM - New Expat
  • 3
    How Saudi Arabia blundered into OPEC oil cut

    Well written piece. Clearly the pressure on OPEC countries holding to their quotas will become even harder. Nigeria etc. are desperate to pump & sell a... more

    Monday, 29 May 2017 9:18 AM - Victory Red
sponsoredTracking