Grosvenor acquires retail property in central Paris

International property group Grosvenor and France's Solal Conseil & Developpement (SCD) have jointly acquired a retail property on the busiest section of the Rue de Rivoli in the 1 arrondissement in Paris for EUR 16 mln. The premises is rented by Us clothing retailer Gap. Grosvenor said the transaction strengthens its town-centre portfolio in Paris. Grosvenor and SDI are already partners in the Paul Bert and Serpette international antique market. By the end of 2005 Grosvenor managed EUR 13.3 bn of assets worldwide.

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