Invesco Real Estate has acquired a retail asset located 53 avenue Montaigne in Paris, in an off-market transaction with a private vendor. The 860m² high-street store is located within Paris’ exclusive “Golden Triangle,” one of the most sought-after luxury retail districts in the city and is currently leased to luxury brand Saint-Laurent. The store commands unusually high visibility on the avenue, with an impressive front-line façade of 14.5 meters, including nine windows, and benefits from close proximity to more than 2,500 five-star hotel rooms and excellent public transport links, with direct metro access to the city centre. The purchase price was not disclosed.
“Not only is this a fantastic trophy asset, located on one of the most prestigious streets surrounded by much sought-after global luxury brands in arguably the world’s top luxury shopping destination, it also offers significant long-term upside potential,” commented Cristiano Stampa, Managing Director – Transactions at Invesco Real Estate. “While it’s true that high streets around the world continue to face serious headwinds, luxury retail in the most exclusive locations is a resilient niche thanks to global attractiveness to wealthy individuals, especially from Asia and the Gulf region.”