Bahrain-based Islamic investment bank Gulf Finance House has made its French debut by acquiring two Paris office schemes for €150m.
Gulf Finance paid French property company Unibail €70m for Alstom Transport’s HQ in the fast-developing St Ouen area of north Paris. Alstom Transport’s lease runs until 2011. The bank’s fund also bought a 25,000m2, five-building office scheme in the Velizy area south west of Paris for €80m. The buildings are let to Peugeot Citroen.
Earlier this month the bank completed the seventh and final deal for its Islamically structured UK property fund, Gulf Atlantic Real Estate, when it spent £26m on an office project in Thames Valley Park, Reading.
The bank is now planning a second, £200m, fund to target office and industrial assets across the UK.
