17 March 2017
Paris
Reporter: Theo Andrew

Paris ex-nightclub sells for €115 million


Invesco Real Estate (IRE) and Thor Equities have sold 102 Champs Élysées in Paris for €115 million, following the building’s 18-month transformation from nightclub to retail property.

Formerly the Le Queen nightclub, the property has been through a value-add programme to transform it into a flagship retail store.

Acquired by AEW, the new store is 100 percent leased to cosmetics brand Kiko Milano.

According to the IRE and Thor Equities, the asset outperformed its target set in the joint venture’s higher-returning strategy.

Bert Crouch, managing director and portfolio manager for structured investments at IRE, said: “102 Champs Élysées was an exciting opportunity for us to acquire an underutilised asset in an extremely well-located position and turn this into a prime institutional quality retail asset thus capitalising on a highly coveted retail address.”

He added: “Institutional appetite to achieve returns in a low-growth environment means we are increasingly looking at ways of investing to achieve higher income in a more defensive position, leading us to pursue strategic growth in the space.”

“We now have a core property which is a prestigious flagship retail store sitting alongside the likes of other international brands such as Tiffany’s, Louis Vuitton, Zara.”

Joseph Sitt, CEO at Thor Equities, said: “We continue to believe strongly in the Paris real estate market, particularly along prime retail corridors such as the Champs Élysées and Boulevard Haussmann, which are continuing to attract large numbers of international tourists as well as local shoppers.”

Savills acted on behalf of AEW and Knight Frank acted for the sellers Invesco Real Estate and Thor Equities.

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