AXA, U.K.’s Hammerson to Develop Prestige Site in Paris

France’s Axa Group has concluded an agreement with U.K. property developer Hammerson PLC to create a new office and shopping complex in the Place Vendome, rue St. Honoré area, one of the most fashionable and prestigious sites in the French capital.

Each company has a 50% stake in a joint venture established to develop the site, which is expected to take about two years to complete. Hammerson purchased the two adjoining buildings facing the 18th century Place Vendome from AXA for £78 million ($124 million).