Bernard Arnault’s LVMH is said to have acquired 150 avenue Champs Elysées, an 18,000 m2 building in Central Paris, for a price rumoured to be around €1 bn.
According to French press reports, the deal was signed off market with a group of investors led by Mimco Asset Management, a Canadian listed investment fund, which held 72.6% stake in the property.
This group reportedly bought 150 in spring 2022 for €750 mln.
LVMH also owns 101 avenue Champs Elysées, which houses the biggest store of its Louis Vuitton brand. At 103, Vuitton is also poised to build another massive store and its first ever hotel.