Real estate manager AEW has bought a luxury store on behalf of its French retail assets fund.
AEW said it has acquired the fully-let asset on 384 Saint Honoré Street in Paris (75001) on behalf of Fondis fund from a private seller. Financial details were undisclosed.
Stéphane Sebban, the fund manager of Fondis for AEW, said: “This acquisition is aligned with Fondis’s strategy of investing in high-quality retail assets in strong high footfall retail locations and demonstrates our team’s ability to source the best opportunities for our clients.
Sebban said this acquisition brings the Fondis fund’s total portfolio to €600m with a remaining investment capacity of €200m, as “we continue to pursue an active pipeline of potential investments”.