Real estate company Hines has bought Colette’s former digs on Rue Saint-Honoré, the hottest street in the property market in Paris, adding the future Yves Saint Laurent flagship to its growing list of high-profile transactions.
The Texas-based real estate firm said its fund behind the deal is an open-ended investment vehicle created in 2006 to buy and manage assets in key European cities and is the fourth acquisition in the past year following other transactions in Dublin, Amsterdam and Edinburgh.
Hines was also involved in one of the highest profile transactions in the French capital the purchase of the future location of an Apple flagship on the Champs-Élysées by German pension fund Bayerische Versorgungskammer, or BVK. The nearly 600 million euro deal that pushed the value of prime properties to new levels.
The rise of e-commerce has forced brands around the world to pull back on relentless store expansion that fueled growth in the past and focus instead on fewer, choice locations. High levels of tourism in France have played an extra role in boosting property prices in Paris.”