PARIS--(BUSINESS WIRE)--Regulatory News:
On the corner of Avenue George V and Avenue des Champs-Elysées, this iconic building from Gecina’s portfolio has been home to the Parisian flagship store of the renowned fashion house and luxury goods brand Louis Vuitton since 1995. To be able to carry out extensive work inside these premises, returning to the lines of its 1930s architecture, Louis Vuitton and Gecina are committing to a new lease to let the entire space, representing nearly 10,000 sq.m (including around 6,000 sq.m of retail space), for a firm 18-year period. The lease will come into effect once the conditions precedent linked to the administrative authorizations in particular have been lifted.
Louis Vuitton’s project aims to redeploy its retail spaces by notably reconfiguring the volumes and circulation areas within the building and incorporating new services. With this work, Louis Vuitton will significantly improve the building’s energy performance to align it with Gecina’s CAN0P-2030 plan, targeting net zero carbon emissions from 2030 across its operational portfolio.
Valérie Britay, Deputy CEO in charge of Gecina’s Office Division: “We are delighted to be accompanying Louis Vuitton with this major project, which will further strengthen the iconic status of 101 Champs Elysées, making it possible to continue creating value on this asset. This renewed commitment by a leading client confirms the long-term international appeal of the Champs-Élysées and its prestige, while highlighting the quality of Gecina’s unique portfolio in Paris”.
As a specialist for centrality and uses, Gecina operates innovative and sustainable living spaces. The Group owns, manages and develops Europe’s leading office portfolio, with nearly 97% located in the Paris Region, and a portfolio of residential assets and student residences, with over 9,000 apartments. These portfolios are valued at 19.7 billion euros at end-2020.
Gecina has firmly established its focus on innovation and its human approach at the heart of its strategy to create value and deliver on its purpose: “Empowering shared human experiences at the heart of our sustainable spaces”. For our 100,000 clients, this ambition is supported by our client-centric brand YouFirst. It is also positioned at the heart of UtilesEnsemble, our program setting out our solidarity-based commitments to the environment, to people and to the quality of life in cities.
Gecina is a French real estate investment trust (SIIC) listed on Euronext Paris, and is part of the SBF 120, CAC Next 20, CAC Large 60, CAC 40 ESG and Euronext 100 indices. Gecina is also recognized as one of the top-performing companies in its industry by leading sustainability benchmarks and rankings (GRESB, Sustainalytics, MSCI, ISS ESG and CDP).