Hines and Universal-Investment have completed the acquisition of 114 Champs-Elysées along with the long-term lease with Apple for approximately €600m from independent investment company the EPI Group, on behalf of the Bayerische Versorgungskammer (BVK).
The 5,500 m² retail asset will become Apple’s flagship store in Continental Europe after a comprehensive refurbishment programme designed by Pritzker Prize-winning architect Sir Norman Foster of Foster + Partners.
Peter Epping, senior managing director – investment management for Hines and fund manager for the BVK account, said: “Located on one of the most iconic streets in the world, the acquisition of 114 Champs-Elysées is a significant strategic investment for BVK which complements its existing retail holdings across Europe. We are proud to have worked on such an important deal.”
Lars Huber, CEO of Hines Europe, added: “This latest acquisition is an excellent example of our strategy to invest in prime permanent retail assets across Europe. This deal further demonstrates our strong partnership with BVK, and our commitment to the retail sector in France. We will continue to assess investment opportunities of similar high quality in Paris’ most dynamic locations.”
Xavier Musseau, managing director of Hines France, said: “We are very proud to finalise such an emblematic transaction on such a beautiful avenue and with Apple as the tenant. This transaction confirms how relevant our investment management model is proving to be, enabling us to secure off-market deals and increase our portfolio of assets under management to €3bn in France. Our aim is to continue to focus on the high-street retail sector.”
Evrard de Montgolfier, Deputy Managing Director of the EPI Groupe in charge of investment, adds: “We are pleased to have completed the sale with the Hines teams acting on behalf of BVK (Bayerische Versorgungskammer). This operation confirms the major work carried out by the EPI teams, from the acquisition in 2009 to the lease by Apple in 2018, thus offering a unique destination fit for Apple's flagship on the Champs Elysées. We know that the Hines teams will support it over time. It was important for us to work with an investor who shares our business vision based on the pursuit for excellence and the long-term development of assets.”.
Hines France led the deal supported by Lacourte Raquin Tatar, Mayer Brown, Freshfields Germany, the Lasaygues notary office, PWC and Arterlia.
The EPI was advised by Wargny-Katz Notary Offices and Les Notaires du Trocadero, Morgan Stanley, JLL, CACIB and Colyco Capital, the law firms White & Case, TAJ and Franklin – have worked together in complete confidentiality with the buyer’s advisors.
