Oxford Properties, the real estate arm of Ontario Municipal Employees Retirement System, has acquired the 273 rue Saint-Honoré retail property in Paris for an undisclosed sum.
However, the sales price has been estimated at €90 million ($103 million).
The 1,430-square-meter (15,392-square-foot) flagship store is fully leased to the Italian luxury brand Valentino.
The acquisition marks the firm’s entry into the growing luxury retail market.
The Avenue des Champs Élysées in Paris is ranked fourth place ($1,519 psf/yr) in Cushman & Wakefield’s Main Streets Across the World report.
During the third quarter 2018, approximately €303 million ($345 million) of small retail transactions were completed, bringing the total transaction amount to €2.2 billion ($2.5 billion), a volume 4 percent higher than in 2017, according to Cu
