London based property company Hammerson plc has acquired a 100 percent interest in the freehold of 54-60 rue du Faubourg Saint-Honoré in Paris for €56.4 million (£38.4 million), inclusive of fees, from CCPMA RETRAITE.
Located on the prestigious rue du Faubourg Saint-Honoré, between rue d'Aguesseau and rue d'Anjou, in the eighth arrondissement, the buildings comprise six blocks of multi-let properties, some of which retain their original 17th and 19th Century façades. The properties provide 7,000 m² (75,300 ft²) of accommodation, comprising 2,500 m² of retail space set across three floors, 1,100 m² of offices and 3,400 m² of residential accommodation.
Principal occupiers include Chloé, Comme des Garçons, Fratelli Rossetti and Mont Blanc. The properties generate a gross rental income of €2.8 million per annum, of which 75% is in respect of retail occupiers.
John Richards, Chief Executive of Hammerson commented that this acquisition demonstrates Hammerson's commitment to expanding its business in France. Located close to the group's current successful development at 9 place Vendôme, rue du Faubourg Saint-Honoré is one of the most prestigious streets in Paris for high fashion retailing. The property offers significant opportunities to add value through active asset management.
In 1942 Lewis Hammerson begins investing in real estate, converting houses into apartments. The group invests in and develops shopping centres, retail parks and prime offices. Its high quality portfolio of around 1,300,000 m² of retail space and over 280,000 m² of prime offices, is valued at £4.8 billion.
Hammerson is listed on the London Stock Exchange and Euronext Paris.
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