UBS Asset Management (Italy) SGR S.p.A. has completed the acquisition of a prime luxury–retail real estate portfolio in the heart of Paris for €250 million ($274 million).
The three-asset, high-street portfolio was acquired via the alternative investment real estate fund, UBS (I) Diamond Eurozone Offices (UBS-DEO), which targets core and core-plus investment opportunities in prime locations within top Eurozone cities.
The three assets are located at numbers 12, 14 and 48 of Avenue Montaigne in the eighth arrondissement of the French capital. The renowned street forms part Paris’ exclusive “Golden Triangle” location, which comprises some of the world’s most prestigious high-street retail offerings. At 615 meters (2,017 feet) in length, the entirety of Avenue Montaigne is dedicated to luxury and high-fashion retailers, drawing a high footfall of affluent local and international shoppers. The location is easily accessible via a range of public transport opti
