A building on the Champs Elysees in Paris has been changed hands for more than 600 million euros. This is a record amount for a real estate transaction on the huge Paris street.
The French group said in a statement that Investor Groupama Immobilier sold the building, located 150 meters from the Arc de Triomphe, to new fund Cheval Paris. The price exceeds the previous record of 613 million euros that was paid to build a building on the famous street, Eric Donnet, president of Groupama Immobilier, said. He declined to say the exact selling price.
The building, located at 150 Avenue des Champs-Élysées, was purchased in 2009 by Groupama Immobilie. This company will generate a net profit of more than 400 million euros from the deal, according to Donnet. The company said that the building’s facade, which is more than 60 meters long, is one of the longest street facades.
Cheval Paris fund, managed by Mimco Asset Management, has Canadian fund Brookfield as its main lender. In total, about 800 million euros will be invested in the project, including renovation work, writes the French newspaper Le Figaro. Shuval has not yet commented on his plans for the building.
A new drive for the iconic Avenue
The Paris City Council recently announced a plan to give the famous street a new lease of life. Today, mainly foreign tourists wander along the road, rather than ordinary Parisians. By the 2024 Olympics, the city council wants to reduce vehicular traffic around the Arc de Triomphe and easily accessible gardens around Place de la Concorde, at the other end of the Champs-Elysees.
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