The largest sovereign wealth fund in the UAE, the Abu Dhabi Investment Authority, is looking to sell two hotels in Sydney, which could sell for about $500 million.

According to Arabia Net, the two hotels on Darling Harbor, Novotel Sydney and IBIS Sydney, have about 780 rooms, and the sources said they are the latest two hotels to be exited. From a portfolio of 31 assets acquired by the device 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 device purchased from Sydney-based Tourism Asset Holdings in 2013. It is the portfolio that made the device the largest hotel owner in Australia.

ADIA declined to comment.

The Abu Dhabi Investment Authority announced, in its annual report for 2020, issued last Wednesday, that it expects technology and climate change to be two main areas of investment in its post-Covid-19 strategy. 19.

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 device said 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 thirty years, compared to 4.8% and 6.6% respectively in 2019.