French manager buys 8,000sqm asset, comprising retail, office and residential space
A prime mixed-use complex in Paris has been sold by Choiseul REIM for over €600m. The complex spans approximately 8,000m² and comprises retail, office and residential space, situated in an enviable location at the intersection of 12-14 Castiglione and 235 Saint-Honoré in the city’s 1st arrondissement, with close proximity to the renowned Place Vendôme. The off-market transaction was conducted on behalf of the 12/14 rue de Castiglione Paris property company and involved a Sale in the State of Future Completion (VEFA) contract with Kering Group. Choiseul REIM plans to conduct a thorough renovation program over the next 30 months and achieve certifications such as Breeam Excellent, HQE Exceptional and NF Habitat Très Performant. Upon completion in Q1 2025, the Kering Group’s Gucci brand is expected to occupy up to 80% of the space, with Choiseul REIM remaining the delegated project manager until then to support its partner.
