Invesco Real Estate and Thor Equities have sold a prime Paris retail asset for €115m after converting it from a nightclub.
The store is now leased to cosmetics brand Kiko Milano.
Bert Crouch, managing director and portfolio manager for structured investments at Invesco Real Estate, said the property was under-used as a nightclub.
“Such properties on the Champs Élysées are rarely-traded,” he said. “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.
“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.”
Joseph Sitt, chief executive 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.”