AEW has acquired a mixed-use building located at 9 rue du Faubourg Saint Honore in the 8th district of Paris. The asset was acquired on behalf of two French institutional investors, one of which is Assurances du Crédit Mutuel (ACM). The 2,750m² building comprises both office and retail space, with the upper floors being leased to several reputable tenants. The property is located on an attractive part of the Rue du Faubourg Saint Honoré, the historic heart of Parisian luxury, and is the flagship store of the Berluti brand (LVMH group). The purchase price was not disclosed.
William Kerganevet, Investment Director at AEW, commented: “This acquisition demonstrates that AEW remains convinced of the relevance of the retail sector as a strategic asset class while remaining extremely selective about its investment criteria.”