State Oil Fund of Azerbaijan to acquire 8 Place Vendôme, Paris from AXA Real Estate
AXA Real Estate Investment Managers is to sell the prime office and retail property 8 Place Vendôme to a wholly owned indirect subsidiary of the State Oil Fund of Azerbaijan (SOFAZ) for EUR135m.
8 Place Vendôme is located in one of the most prestigious squares in Paris and offers office, retail and residential space within an iconic 18th century mansion as well as an office building from the 1950s.
Constructed in 1712, the classic French Baroque mansion forms a part of the Place Vendôme in Paris’ 1st arrondissement, which was built in honour of the Sun King Louis XIV. Place Vendôme is one of the world’s most highly regarded jewellery shopping destinations and a prime Central Business District location for offices.
The mansion element of the asset, which comprises 3,160 sq m of office, retail and residential space, is let to several high profile tenants with luxury jewellers occupying the majority of its retail space. The separate 1950s building comprises 2,240 sq m of office space which is fully let to various financial services and legal firms.
Pierre Vaquier, chief executive of AXA Real Estate, says: “This is a landmark transaction for AXA Real Estate of a truly iconic building with real historic significance. Furthermore, it demonstrates the continued global demand for prime and super prime assets in Paris as investors seek both shelter for their capital from global economic headwinds and to secure long term income.”
- How to set up a hedge fund