X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARIS-Bank of Ireland Private Banking has agreed to pay euro 281.5m ($496 million) for Cartier International’s Paris headquarters, the Cité du Retiro building. The 226,000-sf Cité du Retiro building, at 30 rue du Faubourg Saint-Honoré, was designed by Ricardo Bofill. Peter Collins, director at BOI Private Banking, says the deal reflects the bank’s plans to focus increasingly on the main western European markets and on quality blue-chip assets.

The bank has invested euro 1 billion ($1.2 billion) in commercial property for wealthy clients and syndicates in the past three years. “We believe Paris offers an excellent opportunity, says Collins. “At the moment, the vacancy rate in Paris’s CBD is 5.4%, with very little planned in terms of future development of quality buildings such as Cité du Retiro. Leasing activity is also picking up. As a result, we are confident of good rental growth over the next few years.”

Collins added that BOI Private Banking was pursuing deals in France, Belgium and Scandinavia. “Underpinning this strategy is the fact that yields for commercial property in the UK and Ireland have become more demanding and some of the major European markets now offer investors better value,” he states. “Our current advice to clients looking to add to their property portfolios has been to favour European locations such as Paris over the traditional UK markets.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.