BMO Real Estate Partners has acquired a mixed-use trophy asset in Paris. This is BMO REP’s first club deal in France and has been undertaken together with two German pension funds. The ultra-prime property, a prestigious Haussmann designed corner building located at 71-73 Avenue des Champs-Elysees, comprises 5,700m² of fully occupied lettable office and retail space across seven floors above ground and two basement levels.
Located on the ground and first floors, fronting onto the Avenue des Champs-Elysees, the c. 1,600m² of retail space is let to luxury jeweller Dubail, the primary franchise retailer for Rolex in France, premium fashion brand Tara Jarmon and telecommunications company SFR. The office spaces on the upper floors, all of which have exterior balconies, are let to six tenants including insurance broker Cooper Gay and Bank Audi’s headquarters. The purchase price was not disclosed.
“This transaction reflects our capability in sourcing off-market transactions from private investors and in securing mutually beneficial conditions in the backdrop of the pandemic,” commented Adrien Brion, Head of Operations at BMO REP. “This high-profile property further demonstrates our expertise within the prime luxury high-street retail sector. The investment provides both capital preservation as well as the potential for value creation in the medium term given the asset’s current income profile and the supportive dynamics underpinning this excellent micro-location.”
