UAE-based Gulf Islamic Investments (GII), a Shariah-compliant global financial services firm, said it has acquired Altaïs Towers, commercial property in Paris, for 250 million euros ($300 million).

The deal, which marks GII’s first acquisition in Paris and its largest real-estate acquisition to date, brings the value of its total investments in Europe (including the UK) to nearly $800 million, the firm said in a statement Wednesday.

The property was sold by a consortium including Arpent Capital, Maple Knoll Capital and funds managed by Oaktree Capital Management, L.P.

Mohammed Alhassan, founding partner and co-CEO of GII 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.”

The firm, regulated by the Emirates Securities and Commodities Authority, currently has nearly $2 billion of assets under management. Its client network includes UHNWIs, family offices, banks, institutions, and sovereign wealth funds in the GCC and Asia.

GII, which is diversifying across asset classes and geographies, is finalizing its second India-focused investment portfolio - the India Growth Portfolio II—which will be launched by Q2 2021 with a projected value of over $50 million. This year, the firm also expects to conclude a realty transaction in the senior care space in Germany, entering a market estimated to be worth approximately $80 billion by 2025.

(Writing by Brinda Darasha; editing by Daniel Luiz)

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