A Paris mixed-use complex, earmarked as the headquarters of Gucci, has been bought off-market for more than €600million by French property manager Choiseul REIM.
The 8,000 square metre building is at 12-14 rue Castiglione and 235 rue Saint- Honoré, in the 1st arrondissement. It includes retail, office and residential space.
Gucci has signed a lease in future state of completion, reports legal adviser, Bryan Cave Leighton Paisner LLP. The seller has signed a contract with Adim Paris Ile de France (Vinci group) for development work. Once finished, Kering Group will occupy up to 80% of the space.
At the end of the project, the aim is to achieve Breeam Excellent, HQE Exceptional and NF Habitat Très Performant certifications.
Choiseul REIM Chairman and CEO, Benjamin Hanouet, says, “This value-add operation reflects the strategy and know-how of Choiseul REIM’s teams, which consists of optimising the value of real estate portfolios through ambitious restructuring programs in prime locations, so that they meet the new expectations of a market characterised by the decompression of rates.”
