Special Bond: Retailers spend £100m on stores
Sunday 15 August 2010
MaxMara and Louis Vuitton Moët Hennessy are each buying a store on London's Bond Street, as luxury retailers snap up property on the exclusive shopping street.
Unity Real Estate Properties, an arm of MaxMara, is to pay £53m to buy 13 to 15 Old Bond Street from German food manufacturer Dr Oetker. LVMH has agreed to buy 160 New Bond Street from Irish investors Ray and Eileen Monahan for £48.5m, gazumping Italian coffee-maker De Longhi.
The group has long wanted to own a Bond Street property and offered more money to bag the store, which is occupied by Christian Dior, an LVMH brand that is fronted by Oscar-winning actress Charlize Theron (right). Analysts say retailers want to own stores to help fix costs and minimise rents. CB Richard Ellis advised Unity but declined to comment.
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