Qatar Investment Authority buys major Champs Elysee retail site
Qatar Investment Authority (QIA) has recently purchased a 27.000 sqm retail site on Champs Elysee at 52-60, currently housing the Virgin Megastore and Monoprix. According to the French daily Le Figaro, Qatar Investment Authority paid over 500 million euros for the retail site which has a daily pedestrian traffic of 300.000. The new owner will likely seek to change the current tenants, the estimated rent for the space being 6 million euros per year.
Qatar Investment Authority already owns several key properties in Paris, such as the Royal Monceau Hotel and the Hôtel d’Évreux in Place Vendome. Another major Qatari group, Qatari Diar owns the future Peninsula Hotel in the heart of Paris, on avenue Kléber.