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Thu 18 May 2017 08:34 AM

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

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