Oxford Properties, the global real estate arm of the OMERS pension fund, has has acquired 273 rue Saint-Honoré, a mixed-use property in Paris.
The flagship store, totalling approximately 1,430 m2 of retail, showroom and office space, is fully leased to Italian luxury brand Valentino.
Oxford Properties said that the acqusition complemented its global luxury retail portfolio with assets located in London, New York and Toronto.
'It was always an objective for Oxford Properties to get exposure to this important market and we are very pleased with this first luxury retail investment,' said Michel Vauclair, senior adviser at Oxford Properties in Europe. 'Our objective is to keep expanding our luxury retail portfolio globally with potential new acquisitions in Paris.'
Rue Saint-Honoré is currently undergoing significant changes, with the recent opening of a new Louis Vuitton flagship store, the upcoming extension of the Hotel Costes and the arrival of the new Chanel store at the corner with rue Cambon, according to the investor.
Oxford Properties was advised by Gide (real estate and financing legal), Bredin Prat (tax and structuring), Lasaygues & Associés (notary) and Turnbull (technical). BNP Paribas Real Estate acted as intermediary on this transaction. The seller was advised by Baker McKenzie, Franklin and Le Breton.