AEW, one of the world's largest real estate asset managers, has acquired a prime high street retail property fully let to Five Guys in Paris's 1st arrondissement on behalf of a French institutional client, marking another strategic addition to its growing European portfolio.
The 565 m² asset spans ground floor, upper storey, and basement levels at Place Joachim du Bellay, positioned adjacent to the Westfield Forum des Halles shopping centre. The property is fully let to the American fast-food chain, which operates over 1,800 restaurants worldwide and more than 35 units across France, with a weighted average lease term of six years remaining. The location ranks among Five Guys' top-performing sites in the country, underpinning the investment's income stability.
The property's position in a vibrant pedestrianised zone attracting approximately 50 million annual visitors provides significant upside potential for rental growth upon lease expiry, a key consideration for investors seeking inflation-protected returns in prime European retail locations. The asset sits just 120 metres from the Châtelet-Les Halles transportation hub, with multiple bus routes within 300 metres and several bicycle stations nearby, enhancing accessibility for the 50 million annual visitors to the area.
"This prime high street retail asset is situated in an excellent location with high footfall, supported by the nearby Westfield shopping centre and strong transport connections," said Sébastien Cappigny, Fund Manager at AEW. "Located in the heart of Paris, this investment aligns with our client's strategy of growing a diversified portfolio across Europe. Fully let to Five Guys, the property is home to one of their top-performing chains, underpinning the long-term sustainable income profile of this core investment."
The acquisition strengthens AEW's French portfolio, which currently totals 6 million m² across logistics, offices, retail, and residential sectors in key metropolitan areas. The firm manages €73.8bn of assets globally as of June 2025, with €35.8bn in European real estate across 11 offices.
AEW was advised by Baum Notaires, BG2V, Elan, ICF, Knight Frank, and JLL on the transaction.
People mentioned:
Sébastien Cappigny, Fund Manager, AEW
Companies mentioned:
AEW, real estate asset manager
Five Guys, fast-food restaurant chain
Natixis Investment Managers, asset management firm
Westfield Forum des Halles, shopping centre
Baum Notaires, legal adviser
BG2V, adviser
Elan, adviser
ICF, adviser
Knight Frank, real estate adviser
JLL, real estate adviser
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