Sovereign wealth fund invests in €200m Paris asset, U.S. apartment portfolio
Abu Dhabi Investment Authority has purchased a property in Paris and a U.S. apartment portfolio.
Tamweelview European Holdings, a subsidiary of the Abu Dhabi Investment Authority, has bought a property in Paris from a fund managed by UBS Group AG.
The property, in the city’s La Défense submarket, will be developed into an office building known as Alto Tower. LaSalle Investment Management is appointed project manager asset. The project involves demolishing the existing building, known as The Seasons, and the construction of a €200 million new office tower designed by IF Architects firm. Alto Tower, totaling 549,000 square feet,will offer office space, parking, ground-floor retail space and a public square. Design studies will continue in 2016, with demolition work to begin in mid-year. The delivery of the building is planned for 2020.
In a separate deal, ADIA and its partner Sand Hill Property Co., a Menlo Park, Calif.–based developer, have acquired Woodla