- Mixed-use parcel at 65-67 Avenue des Champs-Elysees houses spectacular retail, office and residential space in an ideal location
NEW YORK, Nov. 19, 2013 /PRNewswire/ -- Thor Equities has partnered with Meyer Bergman and Harel Insurance & Finance Group to acquire 65-67 Avenue des Champs-Élysées, a multi-use building in Paris, housing top-tier retail, office and residential space, company executives announced today.
Situated in the heart of the fashion capital of the world, the nearly 110,000 square foot building features street-facing retail units, as well as upper-level offices and residential units in the rear. Its historic stone façade and two interior courtyards add a level of charm and character that are unmatched. The building is currently fully leased to world-class brands including Nike, Tommy Hilfiger, Puig and Pagerex.
"The Champs- Élysées is a symbol of world class luxury. This property is located in the epicenter of Paris' premier shopping destination and attracts the top retail brands from around the world," said Thor Equities' Chief Executive Officer Joe Sitt. "Demand for great spaces in the fashion capital is always at a premium making this building one of the most sought after in the city. The European market presents a great opportunity as we expand our global portfolio and the opportunity to acquire a property of this stature is a significant achievement."
"We are delighted to acquire this gem on Paris's busiest and most popular shopping street in an off-market transaction on behalf of our fund investors," said Markus Meijer, Meyer Bergman's Chief Executive. "The property is located in one of the most visited luxury retail destinations globally and our tenants count Louis Vuitton, Abercrombie & Fitch and Hugo Boss stores among their neighbors. This and a number of our portfolio and pipeline transactions highlight our current focus on defensive high street locations in key European cities such as London, Berlin, Madrid, and Copenhagen. We see great potential in this mixed use asset that not only offers steady income but also attractive upside potential."
"Demand for high-street retail in Paris continues to rise and shows no signs of abating, and within Paris, there is no more marquis an address than the Champs-Elysees," said Gadi Ben Haim, Head of Real Estate Investments at The Harel Group. "We believe the potential value of this first-in-class property makes this acquisition particularly attractive for Harel members and enhances Harel's status as a leading player in the income-producing real estate investment sector in Israel and around the world."
It is a milestone acquisition for Thor as the company continues to invest in the European market. Paris remains among the most internationally renowned retail destinations attracting tens of millions of tourists every year, helping to make the Champs-Élysées the premier address for the world's top brands.
Thor purchased its first two French parcels last year, including an office in the heart of Paris and the luxury retail hub of Cannes, located at 65 Croisette. Those acquisitions came on the heels of the company's acquisition of the iconic Burlington Arcade in 2010.
About Thor Equities
Thor Equities is a global leader in urban real estate development, leasing and management, pursuing premier hotel, commercial, residential, retail and mixed-use assets in high-density areas. Through its brokerage affiliates, Thor Retail Advisors, it is also a premier leasing agent for third-party property owners and exclusively represents global retailers in their search for prime urban locations in North America, Europe and Latin America. Through Town Residential, it is a leader in sales and rental marketing. Thor Equities provides the best possible High Street retail, commercial, residential, hotel and mixed-use building environments within urban centers across the United States – all while delivering attractive, risk-adjusted returns to high-net worth and institutional investors. For more information about the company, visit www.thorequities.com.
About Harel Insurance & Finance: Harel Insurance Investments & Financial Services Ltd is one of the largest insurance and finance groups in Israel. The Group provides comprehensive insurance and finance solutions including: life assurance, non-life insurance, healthcare insurance, provident funds, pension funds, mutual fund management, ETFs, portfolio management, and other financial services. Harel is Israel's second-largest insurance group. At the end of Q2 2013, assets managed by the Group totaled NIS 146.4 billion in management in insurance, pension funds, provident funds, mutual funds and financial services.
SOURCE Thor Equities