French real estate manager Choiseul REIM has invested over €600m to buy a mixed-use complex in Paris.
The investment firm said it has completed the acquisition of the asset located at the corner of 12-14 Castiglione and 235 Saint-Honoré in the 1st arrondissement.
The 8,000sqm asset, comprising retail, office and residential space, is expected to be renovated over the next 30 months. Once completed, luxury fashion brand Kering Group will occupy up to 80% of the space.
Benjamin Hanouet, chairman and CEO of Choiseul REIM, said: “This value-add operation reflects the strategy and know-how of Choiseul REIM’s teams, which consists of optimising the value of real estate portfolios through ambitious restructuring programs in prime locations, so that they meet the new expectations of a market characterised by the decompression of rates.”
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