With €1.3 billion allocated to the sector, retail accounted for 38% of French commercial real estate investments in the first quarter of 2025. This performance was well above the €500 million recorded over the same period a year earlier, and was driven by two flagship transactions: Ardian's €837 million acquisition of a 60% stake in an "ultra-prime" Paris portfolio put up for sale by Kering; and CDC Investissement Immobilier's €235 million acquisition of a 15% stake in the Westfield Forum des Halles shopping center. According to our information, in light of ongoing or forthcoming sales totaling more than €1.3 billion, these major retail transactions may well not be the only ones of the year.
One of the flagship transactions about to be finalized is the sale of 277 rue Saint-Honoré by Goldman Sachs Asset Management and Immobel. After jointly acquiring the 2,700-square-meter mixed-use retail and office asset in the summer of 2021, they are said to have entered into an exclusive agreement with Japanese investor Mitsubishi, represented in the transaction by BNP Paribas REIM. According to an insider, the sale price could amount to €180 million, reflecting a yield of just under 3.5%. The building was recently leased by Italian luxury fashion house Brunello Cucinelli, which will set up its flagship store there this summer.
A little further west, 91 avenue des Champs-Élysées, whose main occupant is Société Générale, is said to be in the process of being sold by the Caisse nationale déléguée pour la sécurité sociale des travailleurs indépendants (CNDSSTI) for around €300 million. According to our information, exclusivity has been granted to four potential buyers, who are currently engaged in a competitive due diligence process. A promise to sell could be signed within the next few weeks.
Marketing in progress
Still on the world's most beautiful avenue, 2 rond-point des Champs-Élysées is currently being presented to the market by Apsys. After acquiring the 1,800-square-meter building in 2019, the group headed by Maurice Bansay welcomed the new flagship of fashion house Polène Paris there last December. A price of €80 million would be expected by the seller, Business Immo has learned, which would reflect a yield of less than 4%.
In the same vein, 336 rue Saint-Honoré, a 600-square-meter property occupied by Balenciaga, is currently engaged in a sales process and has reportedly been presented to the market at a price of €70 million.
Large-scale projects are not limited to the capital's most prime thoroughfares. According to our information, a portfolio of three assets in Amiens, Brétigny and Blois has been put up for sale by Ceetrus and Auchan. Led by Nhood, the sale of this "Hera" complex could bring in around €200 million, according to one observer.
More to come?
In addition to these projects currently on the market, two other emblematic Parisian buildings could potentially be presented to the market in the near future. Oxford Properties is reportedly considering the sale of 273 rue Saint-Honoré, after signing a new 12-year lease with Italian fashion house Valentino last year. According to a source familiar with the matter, the Canadian investor is aiming for a sale price of around €150 million.
For its part, Icade has reportedly approached various brokers regarding the possible sale of 33 avenue des Champs-Élysées, its 14,000-square-meter retail and office building. Last year, the real estate company announced its intention to implement a vast restructuring program starting in 2025, mobilizing a €95 million capex plan. "Icade is considering whether it would be more attractive to sell the building empty or once the restructuring work has been completed," reports an expert familiar with the matter.