US investment manager Invesco Real Estate has announced the acquisition of a store in Paris in an off-market transaction with a private vendor.
This acquisition represents Invesco’s third deal in Paris this year and brings its total investment volume in the French capital for the last 12 months to over €1 bn. Financial details were not disclosed.
The 860-m2 high-street retail asset is located within Paris’ exclusive 'Golden Triangle', one of the most sought-after luxury retail districts in the city, and is currently leased to luxury brand Saint-Laurent.
'Not only is this a fantastic trophy asset, located on one of the most prestigious streets surrounded by much sought-after global luxury brands in arguably the world’s top luxury shopping destination, it also offers significant long-term upside potential,' commented Cristiano Stampa, managing director – Transactions at Invesco Real Estate. 'While it’s true that high streets around the world continue to face serious headwinds, luxury retail in the most exclusive locations is a resilient niche thanks to global attractiveness to wealthy individuals, especially from Asia and the Gulf region.'
Invesco’s team worked with high-street retail specialist fund management company EPPOF Capital on the transaction.
In this acquisition, Invesco was advised by Archers, Victoire Notaires Associés, Ernst & Young, Theop and Baker & McKenzie.