Property prices in the area may rise
French fashion conglomerate LVMH has acquired a mansion in Stoleshnikov pereulok. There is also the flagship Louis Vuitton boutique which opened in 2003. For a building area of 1500 square meters LVMH paid 2.8 billion rubles, according to Kommersant’s sources.
Deputy Director, direction of street retail at Knight Frank Irina Kozina
adds that “it is only a few years a large acquisition of real estate in Moscow luxury operator.” General Director Fashion Consulting Group Anna Lebsak-Kleimans explains this trend by the fact that “luxury brands prefer to lease space for its boutiques.”
Stoleshnikov pereulok occupies the penultimate place in the ranking of the 100 most expensive streets in the world by Cushman & Wakefild. Director of retail Department, CBRE Russia, Marina Malakhatko does not exclude the possibility that the street will leave the international rating. However, the deal with the group of companies LVMH can attract tenants and increase property prices in the area.
Earlier it was reported that LVMH acquired American jewelry brand Tiffany & Co.
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