PARIS, FRANCE – 24 April, 2024: Oxford Properties Group (“Oxford”), a leading global real estate investor, developer and manager, today announced that it has signed a new 12-year lease with Valentino, the Italian Maison de Couture, for its flagship store at 273 Rue Saint-Honoré, Paris (“273 Saint-Honoré”).
Valentino has occupied the property’s entire 1,430 square metres of retail, exhibition and office space since 2013. Oxford acquired 273 Saint-Honoré in 2018, marking its entry into the Paris luxury retail market, which complements the company’s global luxury retail portfolio featuring prominent assets in London, New York, and Toronto. At the time of acquisition, 273 Saint-Honoré was fully let to Valentino with seven years remaining on the lease.
Since its acquisition in 2018, Oxford has worked closely with Valentino to support their growth and real estate requirements. Multiple renovation works were completed between 2018 and 2023, including a new fit-out of the retail space, conversion of some of the upper floors into additional retail space and improvement of the VIP areas.
Capitalising on the strong relationship and a shared long-term vision for the asset, a new 12-year lease was agreed between both parties. This new long-term lease ensures a secured space on a strategic street for Valentino and delivers significant value to Oxford via a rental uplift that crystallises the reversion potential. As part of this new agreement, Oxford and Valentino will cooperate to monitor and optimise the asset’s energy efficiency and environmental performance with the aim of best practice ESG.
Source: press release sent 24 April 2024