Azerbaijan's State Oil Fund has acquired a prime mixed-use asset in Paris from AXA Real Estate for EUR 135 mln, just days after snapping up an office property in London's West End.
Azerbaijan's State Oil Fund has acquired a prime mixed-use asset in Paris from AXA Real Estate for EUR 135 mln, just days after snapping up an office property in London's West End.
The property at 8 Place Vendôme in Paris' 1st arrondissement comprises 3,160 m² of office, retail and residential space. Most of the retail space is let to luxury jewellers, while the residential element consists of an 18th century French Baroque mansion.
AXA Real Estate bought the property in 1953 and has since upgraded the retail offering and refurbished the office space.
Commenting on the sale, Pierre Vaquier, CEO of AXA Real Estate, said: 'This is a landmark transaction for AXA Real Estate of a truly iconic building with real historic significance. Furthermore, it demonstrates the continued global demand for prime and super prime assets in Paris as investors seek both shelter for their capital from global economic headwinds and to secure long term income.'
