Project Leonardo

Background

In April 2018, JLL was appointed in co-exclusivity for the sale of the Leonardo Portfolio by Blackstone. The deal comprised 3 boutiques located on the emblematic luxury shopping street of Avenue Montaigne in Paris. The shop units are leased to three of the largest luxury groups in the world: LVMH, Kering and Prada. The investment story comprised very core secured income on two of the units with brand new leases in place, alongside reversion potential and the unique possibility to create a future flagship store within the third unit.

Strategy

An extensive but targeted marketing process was undertaken, including international roadshows, to best showcase this unique prime retail opportunity. During marketing Blackstone continued the value creation business plan on the third retail unit which appealed to the final investor.

Results

JLL ended up working integrally with UBS & Poste Vita, the ultimate buyer, to allow them to understand in full, the deal potential. From securing the original mandate from a core client, Blackstone, with the support of the EMEA Capital Markets team, to completing the deal by bringing in international capital, the JLL French retail team used their market leading knowledge and understanding of the product to provide our client with the optimal pricing and outcome.