Invesco Real Estate and Thor Equities have sold a nightclub building on one of Paris’s most expensive streets.
The firm, along with Thor Equities, made €115 million for the sale of102 Champs Élysées, home of Le Queen nightclub for 25 years.
The building, sold to AEW, is to become a flagship retail store for cosmetics firm Kiko Milano.
Invesco Real Estate and Thor Equities jointly renovated the property over 18 months.
Bert Crouch, a portfolio manager at Invesco Real Estate, said “such properties on the Champs Élysées are rarely-traded”.
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.”
©2017 funds europe