QIA Invests in Retail Complex on Champs Elysees Avenue
The Qatar Investment Authority (QIA) purchased a retail complex on Avenue des Champs Elysées in Paris. The avenue is a major shopping street in Paris. It is one of the most expensive retail locations in Europe in terms of annual rents. The sovereign fund purchased the property from Groupama, a French insurance company for around €500 million. Groupama has been looking to sell assets to cover significant losses from the Greek government bond writedowns.
The retail complex also includes offices and is a 26,000 square meter building.
The building is at 52 Avenue des Champs Elysées.