Hammerson plc has acquired a 100% interest in the freehold of 54-60 rue du Faubourg Saint-Honoré in Paris for 56.4 million (£38.4 million), inclusive of fees, from CCPMA RETRAITE.
Located on the prestigious rue du Faubourg Saint-Honoré, between rue d'Aguesseau and rue d'Anjou, in the eighth arrondissement, the buildings comprise six blocks of multi-let properties, some of which retain their original 17th and 19th Century façades. The properties provide 7,000 m² of accommodation, comprising 2,500 m² of retail space set across three floors, 1,100 m² of offices and 3,400 m² of residential accommodation.
Principal occupiers include Chloé, Comme des Garçons, Fratelli Rossetti and Mont Blanc. The properties generate a gross rental income of 2.8 million per annum, of which 75% is in respect of retail occupiers.
John Richards, Chief Executive of Hammerson, commented: "This acquisition demonstrates Hammerson's commitment to expanding its business in France. Located close to the group's current successful development at 9 place Vendôme, rue du Faubourg Saint-Honoré is one of the most prestigious streets in Paris for high fashion retailing. The property offers significant opportunities to add value through active asset management."