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Abu Dhabi sovereign wealth fund to shed €700M Paris office scheme

Abu Dhabi sovereign wealth fund Abu Dhabi Investment Authority, or ADIA, will move ahead with the sale of the €700 million Ecowest office scheme in Paris to AGC Equity Partners, Property Investor Europe reported, citing Bloomberg News, which spoke to three sources with knowledge on the matter.

The 58,000-square-meter building was purchased by ADIA for €477 million in February 2015, which marked the first time it made an investment in a French asset still in the construction phase. BNP Paribas Real Estate constructed the tower, which houses L'Oréal as one of its tenants.

The sale is expected to close in approximately three months, according to the Aug. 9 report.

Representatives from both ADIA and AGC did not comment on the transaction to Bloomberg News.

Earlier in July, ADIA sold a 24,500-square-meter office asset in Paris to Norwegian sovereign wealth fund Norges for a sum of €462.2 million, the report noted. Both disposals are part of ADIA's plans to offload €1.5 billion worth of office buildings in the French capital, riding on an increase in demand for such assets.