BMO Real Estate Partners has completed the acquisition of the famous Fontaine Gaillon restaurant in Paris from French actor Gerard Depardieu. As part of the transaction, the restaurant has been vacated by its occupier. BMO REP has separately secured a new 10-year commercial lease with Moma Group which will develop a new concept in the premises. The property boasts a prime location next to the famous Opéra Garnier in the 2nd arrondissement, right in the heart of Paris’ popular luxury retailing and tourist destinations as well as benefitting from high demand for business events due to the many prime offices nearby. The purchase price was not disclosed.
Adrien Brion, Director, Head of Operations in Paris at BMO Real Estate Partners said: “This off-market acquisition further diversifies the income profile of the Fund alongside Luxury, Premium and Mass-Market high-street retail assets, and will allow us to take advantage of the attractive pricing and strong rental growth prospects available to be captured in Paris’ Food & Beverage retail segment.”
