UBS Asset Management has completed the acquisition of a prime luxury retail real estate portfolio in the heart of Paris, France for €250m. The three assets are located at numbers 12, 14 and 48 of Avenue Montaigne in the eighth arrondissement of the French capital. The renowned street forms part of Paris’ exclusive ’Golden Triangle’, a location which comprises some of the world’s most prestigious high street retail offerings. The location is easily accessible via a range of public transport options and is adjacent to Avenue des Champs-Elysees. Each of the unique portfolio’s three properties is leased to international high-fashion retailers, benefitting from strong covenants and long-term agreements. The location meanwhile remains in high demand amongst leading brands keen to be prominently positioned within the growing global luxury tourism industry.
Marco Doglio, Head of Real Estate Italy at UBS-AM Real Estate & Private Markets, commented: “This unique portfolio comprises three exceptional and well-let assets in one of the world’s most sought-after ultra-prime shopping destinations. Paris continues to attract record tourist numbers, while strong demand continues from the best brands for this esteemed location. These factors align perfectly with the Fund’s goal of generating strong and stable returns over the long-term.”
