Around 800 million euros will be invested to renovate the 60-meter-long property (one of the longest in its street).
A building in Paris’ famous Champs-Élysées avenue has been sold for a record 600 million euros ($600 million). Sold by real estate management and development specialists Groupama Immobilier, it’s the most expensive acquired property in the landmark area.
In fact, it’s only 150 meters from the Arc de Triomphe, one of France’s well-known and highly visited monuments. According to Bloomberg, the structure at 150 avenue des Champs-Elysees was purchased by Cheval Paris, a new funding company. Groupama Immobilier initially bought the building in 2009.
About 800 million euros will be invested to renovate and develop the 60-meter-long property (one of the longest in its street). Eric Donnet, the head of Groupama Immobilier, told the publication that they earned over 400 million euros through the transaction.