BNP Paribas REIM has just acquired the landmark building "51-53 Boulevard Haussmann" in Paris.
This freestanding building in the Haussmann style enjoys a prestigious location opposite the Printemps and Galeries Lafayette department stores. The six entrances along the length of Boulevard Haussmann as well as Rue Auber and Rue Caumartin ensure outstanding visibility on the street that has the second highest footfall in Paris after the Champs-Elysées.
This acquisition was made on behalf of OPCI BNP Paribas Diversipierre, managed by BNP Paribas REIM France. It fits with the diversified pan-European strategy of the fund, which takes a long-term approach and/or targets assets with high value-creation potential.
As such, BNP Paribas REIM plans to redevelop this asset, which is currently vacant, in partnership with the architecture firm MOATTI RIVIERE.
“We are delighted to revisit an iconic building in the Haussmann district in this way, with the potential to develop it for a combination of uses, working to an ambitious schedule. We shall first seek to free the interior spaces from their pre-existing constraints, so that we can design a retail showcase that is worthy of this jewel of the district, which is finding renewed favour among retailers and consumers” says Guillaume Delattre, Chief Investment Officer of BNP Paribas REIM France.
BNP Paribas REIM’s advisor for this transaction was Olivier Valard from the firm Thibierge.