The Olayan Group, in association with Chelsfield, acquired 17-19 Montaigne, a building with more than 6,000 m² of shops and offices. This operation finalizes the acquisition of the Etoile Portfolio, comprising nine assets in Paris representing 76,000 m² for a total of €1.225 billion, from Risanamento, a listed Italian real estate company.
BNP Paribas Real Estate acted as purchasing advisor to Chelsfield/Olayan for the finalization of this acquisition from Risanamento. BNP Paribas Real Estate also structured and will manage the OPCI for the assets held in custody by BNP Paribas Securities Services.
The Transaction teams are mandated to let the remaining vacant spaces and BNP Paribas Real Estate Property Management will manage the nine buildings.
“This transaction is one of the largest carried out in the Ile-de-France and the third largest in Europe this year,” adds Thierry Laroue Pont, Chairman of the Board of BNP Paribas Real Estate. “It is a perfect illustration of the synergies between our company’s various business lines and BNP Paribas.”
The Etoile Portfolio comprises nine assets located in the most beautiful districts of Paris.
Source: BNP Paribas Real Estate