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Sources said the Emirates’ largest sovereign wealth fund, the Abu Dhabi Investment Authority, is considering selling two hotels in Sydney and could rake in around $ 500 million from the sale.
Darling Harbor’s two hotels, the Novotel Sydney and the IBIS Sydney, have around 780 rooms, which sources say are the latest to emerge from a portfolio of 31 assets acquired by the agency in 2013.
In 2016, the agency sold 16 hotels to AccorHotels, the French owner and operator of hotels stretching from France to Australia.
These assets are among 31 properties the company purchased from Sydney-based Tourism East Holdings in 2013. It is the portfolio that made the company the largest hotel owner in Australia.
The Abu Dhabi Investment Authority declined to comment.
In its annual report for 2020, released last Wednesday, the Abu Dhabi Investment Authority announced that it expects technology and climate change to be the two main areas of investment in its post-Covid-19 strategy. .
The agency, which manages capital on behalf of the Abu Dhabi government, does not disclose the value of its assets, but the Sovereign Wealth Fund Institute, a think tank, estimates their value at $ 649 billion.
The authority indicated in its report that until the end of last year, it achieved an annual rate of return of 6% over 20 years and 7.2% over 30 years, against respectively 4.8% and 6.6% in 2019.
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