In the latest of a string of successful transactions, Mint Investments has acquired Louis Vuitton store in the high end shopping avenue Pařížská in the historic center of Prague for an investment fund of Komerční banka. The 2,000 sqm building was completely refurbished by the seller, PPF Real Estate, in 2014 and then leased to Louis Vuitton as the brand’s flagship store on a long term lease.
Colliers International advised on this deal, which suggests continuing confidence in the strength of the city’s prime retail sector. However, these are challenging times for the world’s luxury icons. Vuitton itself revealed in November scaling back its ambitions in China with the closing of three stores there, and share prices for a variety of up-market brands have been hit by fears that last weekend’s tragedy in Paris will curb crucial tourist numbers in coming months.
