U.S. Investor Buys Paris Building

U.S. Investor Buys Paris Building

Commercial News » Done Deals | By WPC Deals Team | July 25, 2013 12:30 PM ET

New York property investor Joseph Sitt, founder of Thor Equities, is buying the 65-67 Avenue des Champs-Elysées building in Paris for €260 million ($343 million).

The seller for the "trophy" retail, office and residential building is an unnamed Middle Eastern family, according to the Financial Times. The building is fully occupied with Nike and Tommy Hilfiger as retail tenants. 

Thor will finance the deal with investments from the European property group Meyer Bergman and funds from pension groups, wealthy individuals and universities. 

Other high-profile international retail purchases for Thor include the Burlington Arcade in London in partnership with Meyer Bergman for £104 million and the Takashimaya Building on New York's Fifth Avenue for $142 million, both in 2010.

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