Saturday, September 08, 2007

Cartier's Paris HQ Sold for EUR 380 Million

PropertyEU - September 6, 2007

Germany's KanAm Grundinvest Fonds has acquired jeweller Cartier's head office in Paris for EUR 380 mln. The Cité du Retiro complex is located near the Élysée palace and provides some 21,000 m2 of space, distributed across four connected buildings on seven storeys. The German investment company declined to disclose the yield.

The building was bought by Cartier in 2002 and has since been extensively renovated. The complex has an underground parking lot as well as 260 parking spaces. It is entirely let to Cartier through 2014, with an option to extend. KanAm Grundinvest Fonds said the complex, which houses the company's international head office, was bought in an off-market transaction. Sphere: Related Content

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