BMO REP acquires mixed use trophy asset on Champs-Élysées

BMO Real Estate Partners (BMO REP), part of Canada’s BMO Financial Group,has acquired a mixed-use trophy asset on the Champs-Élysées in Paris.

This is BMO REP’s first club deal in France and has been undertaken together with two German pension funds.

The ultra-prime property, a prestigious Haussmann designed corner building located at 71-73 Avenue des Champs-Élysées, comprises 5,700 m2 of fully occupied lettable office and retail space across seven floors above ground and two basement levels. Financial details were not disclosed.

Located on the ground and first floors, fronting onto the Avenue des Champs-Élysées, the 1,600 m2 of retail space is let to luxury jeweller Dubail, the primary franchise retailer for Rolex in France, premium fashion brand Tara Jarmon and telecommunications company SFR. The office spaces on the upper floors, all of which have exterior balconies, are let to six tenants including insurance broker Cooper Gay and Bank Audi’s headquarters.

‘This transaction reflects our capability in sourcing off-market transactions from private investors and in securing mutually beneficial conditions in the backdrop of the pandemic,’ commented Adrien Brion, head of Operations at BMO REP. ‘This high-profile property further demonstrates our expertise within the prime luxury high-street retail sector. The investment provides both capital preservation as well as the potential for value creation in the medium term given the asset’s current income profile and the supportive dynamics underpinning this excellent micro location.’

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