Risanamento purchases prestigious mixed use building in the heart of Paris (FR/IT)

Risanamento Europe, 100% owned by Risanamento S.p.A., has signed a final purchase agreement with Parholding for 100% of the share capital of Parelys, owner of a prestigious real estate property located in the 8th arrondissement, at 118 Avenue des Champs Elysées in Paris. The value of the agreement is €68 million.

Parholding is a joint-venture between SFL (Société Foncière Lyonnaise), from which Risanamento has previously bought 6 properties, and Ile de France Investissements SA, the holding company owned by the Latsis family.

The entire building has an overall surface of 5,000 m² and is developed over seven floors above ground and one underground. The property has a mixed use (offices/commercial) with commercial areas on the ground and underground floor whereas the other floors are used as offices.

The entire building is leased to three leaseholders of primary standing, i.e.

  • from 1st to 7th floor: Laboratoire Pierre Ricaud;
  • Ground floor and part of the 1st floor: Mercedes Benz (this Mercedes space, together with Piccadilly Circus showroom, is the most visited Mercedes space in the world);
  • Underground floor: UGC Cinema (one of the most important cinema circuits in Europe).

The lease guarantees a rent worth about €4 million a year. The closing of the transaction is scheduled for 15 December 2006.

Through this transaction Risanamento continues to pursue its strategy of creating
a portfolio of high quality properties in the heart of Paris.

Source: Risanamento

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