Norway’s SWF buys Champs-Elysées building for €613m

Norges Bank Real Estate Management has signed an agreement to acquire the property of 79 Avenue des Champs-Elysees (Paris 8th), future flagship of Nike , for a total of €613 million ($696 million) from Groupama Immobilier.

The property comprises 7,200 square meters (77,600 square feet) of shops and 3,100 square meters (33,000 square feet) and offices.

Nike will open its flagship at 79 Champs-Élysées at the end of 2019.

The deal is expected to close before the end of 2019.