U.S. investors sell retail space in Paris
Invesco Real Estate and Thor Equities have sold102 Champs-Élysées in Paris to AEW for €115 million ($124.25 million).
“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,” said Joseph Sitt, CEO of Thor Equities, in a statement.
Invesco Real Estate and Thor Equities fully renovated the former Le Queen nightclub into a prime retail flagship store, which is now 100 percent leased to international cosmetics brand Kiko Milano.
Activity in the French retail property market was steady in 2016 on the back of a quite timid economic recovery and despite troubles coming from the July 14, 2016, terrorist attacks in Nice, France, and the upcoming French presidential elections, according to Cushman & Wakefield.
Retail investment volumes were €4.4 bill