PARIS, 10 December 2015 – CBRE Global Investors has completed the acquisition of the flagship store of luxury fashion brand Roberto Cavalli in Paris, France, on behalf of one of its funds.
The nine-storey property located 261 rue Saint Honoré in Paris’ 1st district totals 2079 sqm with a gross lettable area of 1760 sqm. Roberto Cavalli occupies the building as its flagship Paris store with showroom, private suites and offices. The transaction was a sale and leaseback.
The store has a prominent location on the corner of rue Saint Honoré and rue Cambon with extensive frontage along both prestigious shopping streets. The area continues to be a well-established and highly sought after location for luxury brand retailers.
John Mulqueen, Head of Transactions EMEA, CBRE Global Investors, said: “This was a rare opportunity to secure such a prominent property let to an established luxury brand. This property sits in the heart of the Paris luxury retail district which means it is one of the finest retail locations in the world. It provides a strong income and with rents forecasted to continue to grow in Paris, we see major potential over our planned long term hold.”
CBRE Global Investors was advised by Allez & Associés and Linklaters. The vendor was advised by BNP Paribas Real Estate. The acquisition was part financed by Natixis (Agent) and DekaBank Frankfurt.
CBRE Global Investors is the leading retail investment manager in EMEA with €14.1 billion of non-listed retail assets under management with 679 retail assets (of which 72 are shopping centres) across 16 countries and over 6800 retail tenants.
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About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.0 billion in assets under management* as of September 30, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide as of September 1, 2015. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.