New York-based real estate investor Thor Equities has expanded its holdings on Avenue Champs-Elysees in Paris with the acquisition of an office and retail property which also houses the famous nightclub Le Queen.
New York-based real estate investor Thor Equities has expanded its holdings on Avenue Champs-Elysees in Paris with the acquisition of an office and retail property which also houses the famous nightclub Le Queen.
Thor did not disclose the investment volume for the building at 102 Avenue des Champs-Elysees, though market sources cited by the Financial Times put it at around €70 mln.
The ground level, mezzanine and lower level are home to Le Queen.
'102 Avenue des Champs-Elysees is at the centre of one of the most desirable locations in the world, just blocks from the Arc de Triomphe and Place Charles de Gaulle,' said Joseph Sitt, CEO of Thor Equities. 'We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations such as the Champs-Elysees and Boulevard Haussmann.'
In December 2014, Thor Equities purchased 51-53 Boulevard Haussmann in Paris, a 3,000 m2 building currently occupied by Benetton. Thor, in partnership with European fund manager Meyer Bergman and Israeli Harel, acquired 65-67 Avenue de Champs-Elysees for around €300 mln in December 2013.
