Hines and Universal-Investment, on behalf of German pension fund Bayerische Versorgungskammer, have acquired 114 Champs-Elysées, Paris, a 59,202-square-foot retail asset, for €600 million ($726 million).
The seller was French investment firm EPI Group.
The site will become Apple’s European flagship store in France. Apple signed a long-term lease.
Paris’ Avenue des Champs Élysées was ranked fifth for the most expensive retail location in Cushman & Wakefield’s global flagship report, Main Streets Across the World.
