PARIS — A French consortium said Thursday it has agreed to buy the Beaugrenelle shopping center in Paris for 700 million euros, or $964 million at current exchange, in what it is billing as the most expensive deal to date for a single commercial property in France.
The group is composed of Apsys, which operates the mall located near the Eiffel Tower; real estate investment firm Groupe Madar and Financière Saint James, the holding company of Michaël Benabou, cofounder of flash sale site Vente-Privée.
Apsys and Groupe Madar each own a 40 percent stake in the consortium, with Financière Saint James holding the remaining 20 percent. The sale is expected to go through during the first half of 2014, and Apsys will remain in charge of the project’s asset and property management.
The Beaugrenelle mall, featuring close to 540,000 square feet of retail and leisure spaces on six floors, opened on Oct. 23, 2013.
Philippe Depoux, chief executive officer of Gecina, the listed real estate investment trust that owns a 75 percent stake in the project, said it cost 500 million euros, or $688 million, and was the largest opening of its kind in the French capital since Italie 2 in 1976 and the Forum des Halles in 1979.
The mall hopes to draw 12 million visitors a year initially, rising to 15 million once it hits “cruise speed,” Depoux said at the time. To date, it has drawn more than 3.7 million visitors.
The center, designed by architecture firm Valode & Pistre, features more than 100 brands including Guerlain, Baccarat, Sephora, Michael Kors and Silvera, alongside a flagship Marks & Spencer covering 50,500 square feet, France’s largest Zara store and the first Hollister unit within Paris.
Gecina — which also owns the building housing the flagship Louis Vuitton store on the Avenue des Champs-Élysées — said it wanted to sell its stake in Beaugrenelle in order to focus on its core segment of offices.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)