Former premises of Paris concept store Colette have new owner

Luxury label Saint Laurent is taking over the premises at number 213 rue Saint-Honoré, right in the heart of Paris, in grand style. The Kering group’s label will soon set up shop in the 795-square-metre store on three levels which, as the home to Colette until the end of 2017 and for 20 years, had been a beacon for worldwide fashion trends.

Yet, while the premises’ new tenant has been known for a few months, the identity of their new owner has just been disclosed, as the Hines Pan-European Core Fund (HECF) investment fund announced the purchase of this prime property via Hines France. Recently, Generali Real Estate bought the 240-square-metre premises occupied by a Moschino store at number 255 of rue Saint-Honoré.

Hines is a US real estate investment and development firm specialised in high-end property assets. In the last few years, Hines France purchased premium property assets in Paris like the Marché Saint-Germain, 28 place de la Madeleine, formerly home to the Pinacothèque de Paris gallery, and recently also the premises at 114 avenue des Champs-Elysées, soon to be home to a major Apple Store, set to open by the end of the year. The transaction amount for the latter property, bought from French group EPI, was reported as €600 million. As for the acquisition of the premises of the future Saint Laurent store, no figure has yet been reported.

In a press release, Hines France stated that “by focusing on one of the [French] capital’s most dynamic [commercial] streets in this segment, featuring some of the leading brands, Hines France has topped the €3 billion mark in assets managed, with retail real estate accounting for 30% of its portfolio.”

The HECF fund is active across Europe, and the last twelve months it completed operations in Dublin, Amsterdam and Edinburgh.

Former premises of Paris concept store Colette have new owner

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