Former premises of Paris concept store Colette have new owner
Luxury label Saint Laurent is taking over the premises at number 213 rue Saint-Honoré, right in the heart of Paris, in grand style. The Kering group’s label will soon set up shop in the 795-square-metre store on three levels which, as the home to Colette until the end of 2017 and for 20 years, had been a beacon for worldwide fashion trends.
Yet, while the premises’ new tenant has been known for a few months, the identity of their new owner has just been disclosed, as the Hines Pan-European Core Fund (HECF) investment fund announced the purchase of this prime property via Hines France. Recently, Generali Real Estate bought the 240-square-metre premises occupied by a Moschino store at number 255 of rue Saint-Honoré.
Hines is a US real estate investment and development firm specialised in high-end property assets. In the last few years, Hines France purchased premium property assets in Paris like the Marché Saint-Germain, 28 place de la Madeleine, formerly home to the Pinacothèque de Paris gallery, and recently also the premises at 114 avenue des Champs-Elysées, soon to be home to a major Apple Store, set to open by the end of the year. The transaction amount for the latter property, bought from French group EPI, was reported as €600 million. As for the acquisition of the premises of the future Saint Laurent store, no figure has yet been reported.
In a press release, Hines France stated that “by focusing on one of the [French] capital’s most dynamic [commercial] streets in this segment, featuring some of the leading brands, Hines France has topped the €3 billion mark in assets managed, with retail real estate accounting for 30% of its portfolio.”
The HECF fund is active across Europe, and the last twelve months it completed operations in Dublin, Amsterdam and Edinburgh.
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