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.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Joint venture buys Seattle Facebook office
24 May 2017 | Seattle | Reporter: Theo Andrew
Commerz purchased its stake in the 32,000-square metre office building for its open-ended real estate fund hausInvest
CPPIB’s real assets investment hits $73.1 billion
23 May 2017 | Toronto | Reporter: Theo Andrew
The pension fund ended the fiscal year with net assets of CAD 316.7 billion, a CAD 37.8 billion increase on 2016
Schroder and IED acquire Seville shopping centre
23 May 2017 | Seville | Reporter: Theo Andrew
Schroder purchased 50 percent of the asset for its European Real Estate Investment Trust (SEREIT), reflecting a net initial yield of 6.2 percent
Benson Elliot announces executive shake-up
23 May 2017 | London | Reporter: Theo Andrew
Mogull was previously managing partner, and Barrigan held the title of senior partner. The pair launched the company in 2006.
Barings kick starts global brand Initiative
23 May 2017 | London | Reporter: Theo Andrew
The central theme, ‘Adaptability - the new look of partnership’, is intended to highlight the opportunities Barings offers across liquid and illiquid assets globally
M&G bags Berlin office asset for €94.1 million
22 May 2017 | Berlin | Reporter: Theo Andrew
Located in Berlin’s Wilmersdorf district and recently refurbished, the property’s tenants include the Institute for Federal Real Estate and Paypal
New York leads way in global construction price rise
22 May 2017 | New York | Reporter: Theo Andrew
The survey, which compiles data from Turner & Townsend in 43 global markets, also found that construction costs are set to increase on average by 3.5 percent in 2017