German Fund Buys Saint-Germain Market Building in Big Property Deal
A building spanning 4,602 m2, Saint-Germain Market was recently snapped up by the German pension fund BVK. Combining a food market and more recently commercial space, the iconic location is popular with both tourists and Parisians.
Located in the 6th arrondissement, the Saint-Germain Market is a popular destination for shoppers seeking high-quality produce and tourists looking for an espresso shot of Parisian culture. The modern building was built in the early 1800s after a fire destroyed the old market some decades earlier. With this purchase, it enters a new chapter.
BVK is a German pension fund that has assets exceeding 40 billion euros. It made the deal with previous owners Banimmo, through Hines France, a real estate developer. Also involved in the deal – worth 130 million euros – were the financial advisers PWC and Lacourte Raquin Tatar, the lawyers Orrick Ramband Martel, and the construction advisory firm Turnbull.
A statement from the general director of Hines France made clear this will not be the last transaction of its kind by the pension fund. “BVK plans to invest 1.3 billion euros in high-end commercial space in European cities. Saint-Germain Market is exactly the kind of property the fund is looking to invest in.”
The previous owners Banimmo gained construction permission in 2013 to add modern retail space. Apple recently opened a store covering 1300 m2, their third in Paris. In addition, a Marks & Spencers (1000 m2), Uniqlo (800m2) and Nespresso (500m2) will be setting up shop in the coming year.
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