Pan-European property investor Vastned Retail has renewed the lease at rue de Rivoli 118- 120 in Paris, its main retail property in France, with fashion retailer Hennes & Mauritz (H&M).
Pan-European property investor Vastned Retail has renewed the lease at rue de Rivoli 118- 120 in Paris, its main retail property in France, with fashion retailer Hennes & Mauritz (H&M).
H&M and Vastned Retail also amended their other leases with respect to Vastned Retail's properties in Dunkirk, Thoiry Nancy and a project in Plaisir.
The leases comprise a total gross lettable floor area of over 8,000 m2, excluding the Plaisir project.
Vastned said the leases were concluded at 3.8% above the former rent due to the implementation of the ILC index (Indice Locatif des Commerces) instead of the ICC index (Indice du Coût de la Construction).
Benoit Dantec, country manager France: 'These new leases show that prime retail locations with a vast amount of footfall are in high demand, especially today. In changing to the ILC index, Vastned Retail has met the wishes of the retail sector and has brought the company's lease agreements in line with modern standards.'
