Cardiff-based Sydney & London Properties has bought its first investment in Paris, kicking off a planned series of acquisitions in France.
It has paid around FFr 30m for a nightclub on the Champs- Elysées, which is let at around FFr 3.6m pa. It has made the acquisition through the purchase of shares in Société Francaise de Location des Champs-Elysées, the company which owns the property above the club.
Sydney & London, jointly owned by FAI Insurance Group of Australia and Gross Hill Properties, owns about £100m of property in the UK.
A new subsidiary, Sydney & Paris, has been created to invest up to £30m in French real estate.
