Vastned, a listed European real estate group focusing on prime shopping locations, has acquired 2 neighbouring stores in the heart of Paris for 16.2 million euro.
Adidas Original and Suite.341
Both stores are in the Rue de Rosiers, in the heart of the popular Le Marais district. Adidas currently rents the larger of the two stores, with a 300 sqm Original store on the ground floor and in the basement. French SMPC Group rents the other 100 sqm store unit and has placed a Suite.341 concept store with three high-end fashion brands (Sandro, Maje and Claudie Pierlot).
Vastned paid 16.2 million euro for both store units, including purchase costs. The real estate group, located in Rotterdam, has never before invested in Le Marais, although it has been active in Paris. Its Parisian portfolio now has a total worth of 136 million euro thanks to these acquisitions, on a total of 1.7 billion euro.
"Place to be" for innovative fashion retailers
"Le Marais is developing into an innovative shopping destination", CEO Taco de Groot said. "The district's popularity with tourists from all across the world, but also with the locals, has drawn a growing number of strong, international retailers." Not only Adidas, Suite.341 are present, but also Ted Baker, Uniqlo, COS and Karl Lagerfeld have stores in this district where affordable luxury brands like Maje, The Kooples and Rituals are joined by more luxurious brands like Moncler, Gucci and Givenchy.
"The district is developing into the "place to be" for innovative fashion retailers, which will have a positive effect on the rental value and the district's overall real estate value", the Vastned CEO said. This development will have to help "generate more stable and predictable results", Taco de Groot said.