Oxford Properties has expanded its portfolio with the acquisition of its first luxury retail asset in Paris.

The C$45bn (€29.87bn) global real estate arm of the Ontario Municipal Employees Retirement System (OMERS) said it has bought the 273 rue Saint-Honoré building for an undisclosed sum.

The 1,430sqm flagship store is fully leased to the Italian luxury brand Valentino.

Oxford Properties said the acquisition provides the company with a strategic entry point into the growing luxury retail market in the French capital and complements its global luxury retail portfolio with assets located in London, New York and Toronto.

Michel Vauclair, a senior adviser at Oxford Properties in Europe said: “This acquisition is our first luxury retail asset in Paris and gives Oxford Properties a footprint in one of the most sought-after addresses in the French capital.

“Our objective is to keep expanding our luxury retail portfolio globally with potential new acquisitions in Paris.”