The Columbia University MSRED France team met with Deutsche Bank at their French Headquarters in the Central Business District of Paris. Our team was surprised to learn that a small, experienced team of
only 5 real estate professional is responsible for 4BN Euros of assets under management. We enjoyed a lengthy discussion of RREEF's strategies for both their core and opportunistic funds. As students, the dialogue gave us insight into how a real estate fund operates within a larger corporate structure. The most notable deal was the recent acquisition of Printemps, a nineteenth century department store, as well as the actual retail operating company from PPR with 17 high-end department stores throughout France. This innovative approach, of acquiring the real estate
and the retail company, allowed for a value-add play. RREEF repositioned the asset through extensive refurbishment and rebranding efforts. The business plan set out to make Printemps one of the chicest destinations for global connoisseurs of fashion and attracted luxury brands such as LVMH, Prada, Chanel, Alexander McQueen, Ralph Lauren, David Yurman, Tiffany's, Hugo Boss, and of course Paris's famed Ladureé. Post acquisition the real estate company was seperated from the operating company. However, acquiring both businesses allowed for the team to build value and will afford them of a flexible exit. In the meantime, we were able to have a VIP tour of the flagship asset, Printemps!
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| France Team on the roof of 'Printemps' with view of Opéra National de Paris (back left)... and surprise arrival of Phinney |
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Main Entrance of 'Printemps' original Hausmann buildings (left 1864; right 1923). Both refurbished with extensive Capital Expenditure program of RREEF's Opportunistic Business Plan for the asset
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| Eiffel Tower from Musee de Hommes Cafe a Nuit! |
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| Dinner with group with view of Eiffel |
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| Apres dinner shot on viewing platform of Eiffel from the 16 éme |
The Columbia University MSRED France team met with Deutsche Bank at their French Headquarters in the Central Business District of Paris. Our team was surprised to learn that a small, experienced team of only 5 real estate professional is responsible for 4BN Euros of assets under management. We enjoyed a lengthy discussion of RREEF's strategies for both their core and opportunistic funds. As students, the dialogue gave us insight into how a real estate fund operates within a larger corporate structure. The most notable deal was the recent acquisition of Printemps, a nineteenth century department store, as well as the actual retail operating company from PPR with 17 high-end department stores throughout France. This innovative approach, of acquiring the real estate and the retail company, allowed for a value-add play. RREEF repositioned the asset through extensive refurbishment and rebranding efforts. The business plan set out to make Printemps one of the chicest destinations for global connoisseurs of fashion and attracted luxury brands such as LVMH, Prada, Chanel, Alexander McQueen, Ralph Lauren, David Yurman, Tiffany's, Hugo Boss, and of course Paris's famed Ladureé. Post acquisition the real estate company was seperated from the operating company. However, acquiring both businesses allowed for the team to build value and will afford them of a flexible exit. In the meantime, we were able to have a VIP tour of the flagship asset, Printemps!
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