The asset, which is located Avenue de Wagram, close to the place Charles-de-Gaulle Etoile in the heart of Paris, was originally purchased through an off-market transaction in June 2005.
The total area of c. 6,000 sqm is fully occupied by Decathlon, a major French sporting goods store.
STAM Europe’s active management initiatives included the resolution of complex technical and legal issues encumbering the property and the negotiation of a new 9-year fixed term lease with Decathlon.
This investment is a good example of STAM’s strategy of repositioning core retail assets. The property was sold to Swiss Life REIM at a low cap rate reflecting the high demand for prime retail assets in the Paris market.
Source : STAM