Main Photo: Former French Army HQ in Paris
Date: July 2019
Location: 7th District, Paris, France
No. of Keys: TBA
Seller: The French Government
Buyer: Part of the former French army headquarters in the 7th district of Paris, has been sold for over €300m to a Qatari investor, thought to be the Qatar Investment Authority sovereign fund.
“The state has just sold the eastern part of Îlot Saint-Germain, the historic headquarters of the French military institution,” reported the CFNews Immo & Infra website Thursday. “The tender process has been won by the Constellation Hotels fund for an amount exceeding €300m.”
Contacted by Agence France Presse, the General Directorate of Public Finance, on which this type of operation depends, declined to name the buyer or the financial details. Constellation Hotels has a policy of not commenting in the public domain.
A document from the European Commission named the buyer as “the main investment vehicle of the group of a Qatari family”, AFP noted. This, according to CFNews, is an entity controlled by Qatar’s sovereign wealth fund, a group that already owns multiple luxury hotels in France including Martinez Cannes and InterContinental in Paris. QIA is owner of these two establishments.
The former headquarters of the chief of staff for the army, which departed to a new location in the 15th arrondissement of Paris in 2015, is located in the Saint-Germain sub-market, a group of buildings located near the Invalides and the National Assembly complex. The transaction is reported to encompass six buildings along situated on the rue de l’Université and boulevard Saint-Germain, which will undergo a major restructuring.
As in previous investments, Constellation plans to convert the premises into a luxury hotel, according to the portal.
Part of the same site was already leased by the French state in 2016 to a social housing firm controlled by the City of Paris in order to create 400 social housing units.
THPT Comment: THPT has had it confirmed it is Constellation Hotels
First Seen: Business Immo
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