Lavender Propco, an entity controlled by Blackstone Europe, has agreed to acquire two retail units adjoining the Mandarin Oriental, Paris, from Mandarin Oriental International for €148 mln.
In a bourse filing, Mandarin Oriental said that the proceeds of the sale, expected to complete on or after Jun 30, will go towards the group’s general development strategy.
The group sold off the hotel to Statuto Group for €205 mln less than two months ago. It previously said it would retain a long-term agreement to manage and brand the hotel after the sale.
The building comprising the retail units and the hotel was purchased in 2013. Mandarin Oriental International then divided them into separate titles. Currently leased to high-end fashion houses Versace and Ports 1961, they offer a total area of around 1,100 m2.
Mandarin Oriental, Paris, located at 251 rue Saint-Honoré, is a leading luxury hotel in the French capital.
The deal follows Blackstone's acquisition in April of 130-134 New Bond Street, a London asset of about 9,300 m2, for £230 mln. It also follows the sale to Kering of Milan's Via Montenapoleone 8, for around €1.3 bn.
