Pan-European retail property investment manager Redevco has acquired a super prime retail asset in Paris from a fund managed by Savills Investment Management for an undisclosed sum.
The 740 m2 property, comprising two retail units, is located in the French capital's luxury retail area, Rue de la Paix, close to Place Vendôme. The property is currently occupied by Tiffany & Co and Glasshütte.
'We see retailer demand for luxury retail locations increasing rapidly as the luxury sector is one of the main drivers of the Paris retail market,' commented Andrew Vaughan, Redevco’s CEO. 'With little suitable property available in the core high-end retail areas in the city, like Avenue des Champs Elysées, Rue Saint-Honoré and Place Vendôme, neighbouring streets benefit from this dynamic and become progressively popular with new luxury retailers.'
'This was the fund’s first acquisition, a prime retail building in the heart of Paris’ prime shopping district, and offered a combination of attractive income and asset management opportunities which we have successfully completed. We are delighted to have completed the sale to a buyer of the quality of Redevco,' said Ian Jones, fund director for the European Retail Fund at Savills IM.
Savills was instructed for the sale on behalf of the Savills IM European Retail Fund.
The seller was advised by Simmons & Simmons, Fidal, C&C Notaires and Cabinet MDA, while Gide, Ernst & Young, Allez et Associés and Elan advised the buyer.
