Property investment companies Societe Fonciere Lyonnaise (SFL) and Ile-de-France have agreed the sale of Parelys, which owns a property at 118 avenue des Champs-Elysees in Paris, for a net prize of EUR 68 mln. The buyer Risanamento Europe has agreed to repay Parely's debt as part of the transaction, valuing the building at around EUR 92 mln.
Property investment companies Societe Fonciere Lyonnaise (SFL) and Ile-de-France have agreed the sale of Parelys, which owns a property at 118 avenue des Champs-Elysees in Paris, for a net prize of EUR 68 mln. The buyer Risanamento Europe has agreed to repay Parely's debt as part of the transaction, valuing the building at around EUR 92 mln.
The 5,000 m2 of lettable space houses the main Mercedes showroom on the Champs-Elysees, as well as the offices of Laboratoires Pierre Ricaud and a UGC cinema. SFL said the potential gross annual rental revenue is about EUR 4 mln. The transaction is due to be completed on 15 December at the latest. The Champs Elysees is the third most expensive shopping street in the world, according to the annual rankings drawn up by Cushman & Wakefield. On average a square metre of lettable space on the famous French street costs EUR 6,775 to rent a year. New York's 5th Avenue is the most expensive at EUR 11,364 per square metre, followed by Causeway Bay in Hong Kong, where a square metre costs EUR 9,544 in annual rent.
