BMO Real Estate Partners , part of Canada’s BMO Financial Group’s £189 billion Global Asset Management business, announces that it has completed the acquisition of the famous Fontaine Gaillon restaurant in Paris from French actor Gerard Depardieu on behalf of its pan-European retail property investment fund.
As part of the transaction, the restaurant has been vacated by its occupier and BMO REP has separately secured a new 10-year commercial lease with Moma Group who will develop a new concept in the premises. Moma Group is one of Paris’ most prestigious restaurant groups, renowned for its excellence in both gastronomy and atmosphere with a reputation for working with the most celebrated chefs and interior decorators.
The property boasts a prime location next to the famous Opéra Garnier in the 2nd arrondisement, right in the heart of Paris’ popular luxury retailing and tourist destinations as well as benefitting from a high demand for business events due to the many prime offices nearby.
Adrien Brion, Director, Head of Operations in Paris at BMO Real Estate Partners said: “This off-market acquisition further diversifies the income profile of the Fund alongside Luxury, Premium and Mass-Market high-street retail assets, and will allow us to take advantage of the attractive pricing and strong rental growth prospects available to be captured in Paris’ Food & Beverage retail segment.”
BMO Global Asset Management