Global fund manager AEW has acquired a mixed-use building located at luxury shopping street 9 rue du Faubourg Saint Honoré in the 8th district of Paris.
Financial details were not disclosed.
The asset has been acquired on behalf of two French institutional investors, one of which is Assurances du Crédit Mutuel (ACM).
The 2,750 m2 building comprises both office and retail space, with the upper floors being leased to several tenants. It is the flagship store of the Berluti brand (LVMH group).
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.'
AEW was advised by l’Etude Thibierge, RMT and Clifford Chance.
