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Sign in Sign up for a FREE subscriptionChoiseul REIM sells mixed-use development in Paris for €600m
Choiseul REIM, an investment and asset management company and subsidiary of La Compagnie Financière de Choiseul, has sold an 8,000-square-meter (86,111-square-foot) mixed-use complex in Paris consisting of retail, office and residential space. The property sold for more than €600 million ($654 million).
The off-market transaction was carried out by Choiseul REIM on behalf of the 12/14 rue de Castiglione Paris property company, within the framework of a VEFA (sale in the state of future completion) contract concluded with the Kering group in January. Choiseul REIM also will carry out a complete renovation program of 12/14 Castiglione during the next 30 months to deliver a high-end building meeting the highest market standards in first quarter 2025.
At the end of the project, the building will be certified BREEAM Excellent, HQE Exceptional and NF Habitat Très Performant. Upon completion, the Gucci brand of the Kering Group will occupy up to 80 percent of the space.
