AEW has bought a mixed-use building in Paris on behalf of two French institutional investors.

The €68.2bn real estate manager said it has acquired the 2,750sqm office and retail building located at 9 rue du Faubourg Saint Honoré in the 8th district of Paris for an undisclosed sum.

The seller’s details were undisclosed.

AEW bought the asset on behalf of Assurances du Crédit Mutuel and an unnamed institutional investor.

William Kerganevet, investment director at AEW, commented: “This acquisition demonstrates that AEW remains convinced of the relevance of the retail sector as a strategic asset class while remaining extremely selective about its investment criteria.”