Fairway advised the joint venture between Mimco and Foncière Renaissance on the acquisition of the building located at 91 avenue des Champs-Élysées in Paris from the Conseil de la protection sociale des travailleurs indépendants, managed by Urssaf, for an amount of €320 million.
This is the second acquisition completed by the joint venture between Mimco and Foncière Renaissance, following the purchase of 48 rue Notre-Dame des Victoires, acquired from Pontegadea for €90 million. With this new transaction, the two partners have now committed a total of €410 million in Paris’s central business district, confirming their investment strategy focused on assets with strong value-creation potential.
The building at 91 avenue des Champs-Élysées comprises approximately 4,200 sq.m. and is currently occupied by several tenants, including Société Générale and Sandro. It also includes vacant space, allowing for a potential reconfiguration of the tenant mix and an upgrade of the asset.
Foncière Renaissance and Mimco intend to reposition the building to bring it up to the highest prime market standards. Their objective is to transform this asset into a benchmark institutional property, meeting current environmental requirements and the expectations of major international occupiers.
