Carlyle Completes Extensive Renovation of the Historic “23 rue de l’Université” Building in Paris

Spectacular contribution from artist Gérard Garouste
All five retail stores on the rue du Bac scheme leased

Paris – Global private equity firm, The Carlyle Group (“Carlyle”), today announces that it has completed the extensive renovation of an office and retail complex located between the rue du Bac and the rue de l’Université in the 7th district in Paris, just South of the Seine near the Musée d’Orsay.

The complex comprises a small island of three architecturally significant buildings from different historic periods all of which have been carefully renovated by Carlyle Real Estate Advisors France to extremely high quality modern standards. The project involved the:

- Renovation of 12,600 m² of office space on the upper levels (from the second to the seventh floor of the Bouvard building), including the Hôtel de Livry, accessible through a new entrance created at 23 rue de l’Université
- Creation of 3,400 m² of retail space (five stores in total) along the rue du Bac, each consisting of three floors (basement, ground floor and first floor)
- The restoration of the Hôtel de La Salle, a distinctive private home from the XVII century which is listed as a Historic Monument and develops 1,600 m² of offices.

From the outset of the project, Carlyle Real Estate Advisors had identified a clear strategy of wanting to breathe new life into these historic buildings, without compromising their rich architectural heritage.

The contemporary artist Gérard Garouste was appointed to undertake the rendering of the project and to deliver a building with a strong and unique identity. This is the first time in France that an artist has been entrusted with a project of this size by a private investor. His contribution is a spectacular interpretation of Virgil’s Georgics and is located both on the rue de l’Université (five monumental doorways and three gates in bronze), in the entrance hall, (ceiling lights and earthenware frescos), in the courtyard (monumental sculpture and sandstone frescos).

Catherine Simoni, Managing Director of Carlyle Real Estate France says: “Gérard Garouste’s creativity and enthusiasm throughout the project brought life to brilliant works of art, which today make the rue de l’Université an exceptional and totally unique setting of which we are extremely proud.”

All stores on the rue du Bac fully let
Carlyle Real Estate Advisors is also pleased to announce that all of the newly renovated shops on the rue du Bac are already let. Monoprix, B&B Italia, Poliform, Eric Bompard and Poltrona Frau will open their stores from April 2010. The arrival of these brands on this side of the Boulevard St Germain, particularly the opening of a Monoprix in a concept comparable to that of the Grande Epicerie, will have a positive impact on the area by increasing the number of shoppers and office workers. They will also contribute to the district’s growing reputation as one of the largest designer shopping areas in Paris.

Eric Sasson, Managing Director of Carlyle Real Estate Advisors Europe, said, “Our European asset management teams are motivated by a strong passion for design and architecture. This passion is part of our added value and allows us to display a unique expertise in the real estate investment sector.”

# # #