Real estate asset manager AEW has acquired a multi-use building in the eighth arrondisement of Paris for an undisclosed sum.
The property, comprising office and retail space, was bought on behalf of two French institutional investors. One of the investors was Assurances du Crédit Mutuel, the other has not been named.
As well as the upper floors being leased to several tenants, the building is also the flagship store of luxury menswear firm Berluti.
Investment director William Kerganevet said: “AEW remains convinced of the relevance of the retail sector as a strategic asset class.”
AEW, which has offices around the world, had €68.2 billion of assets under management as of the end of June.
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