New York-based property developer Thor Equities has bought the building that houses one of French nightlife's best-known clubs, Le Queen, formerly Le Central, on the Champs-Elysees in Paris, the Financial Times reported. The newspaper cited Thor chief executive Joseph Sitt saying the acquisition was "at the centre of one of the most desirable locations in the world".
Thor has bought the site for its retail potential and ownership of the nightclub is unaffected, the FT website report said. Sitt told the newspaper the status of the club, whose artistic director in the 1990s was DJ David Guetta, "remains to be determined".
Paris commercial real estate was in increasing demand last year despite France's sluggish 0.4 percent economic growth rate.
Investor enthusiasm for safe haven Paris led France as a whole to a 31 percent rise in investment volumes according to a February report by research firm Real Capital Analytics (RCA).
Sitt told the newspaper: "We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations."
Comments
Comments are closed.