Sydney and London Properties has entered the French property market with the formation of a new wholly-owned subsidiary company, Sydney and Paris.
The new company has acquired part of the freehold interest in the Champs Elysees through the acquisition of Societe Francaise de Location des Champs Elysees, the company which owns the property, for £3m. The property is let to a leisure complex operator for £360,000 pa.
“This is just the start of our operations in France and we are actively looking for similar properties in good locations,” said Sydney and London director Richard Anning.
The subsidary has £30m to spend. A major distirbution depot in Paris is its next planned purchase.
“We have been researching the French property market for the past year and feel that the decline that has been experienced over the past few years is coming to an end,” Anning added.
EGi News 12/01/1998
