Qatar in second Champs-Elysées buy - report

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(Getty Images - for illustrative purposes)

(Getty Images - for illustrative purposes)

Qatar Investment Authority (QIA), the sovereign wealth fund that bought London’s Harrods department store in 2010 for US$2.22bn, has snapped up a second luxury property unit on Paris’s Champs-Elysées boulevard, according to reports in Europe.

French private equity fund LBO France has sold a luxury housing complex on the Parisian shopping avenue and QIA is believed to be the undisclosed buyer, according to Property Investor Europe.

The art deco building at 116 bis avenue des Champs-Elysées was built in 1931 and LBO France bought it in 2005. Following a refurbishment in 2007, the current sale is believed to include a UGC cinema, 5,000 sqm of office space and the famous French-style Lido cabaret.

The deal is the second reported Champs-Elysées purchase by QIA this year. QIA bought a flagship retail complex in the heart of Paris from French insurance firm Groupama for around €500m (US$622m), according to a report in June by French newspaper Le Figaro.

The retail complex, number 52, was built in the 1930s and is currently home to a Virgin Megastore, a branch of French retail chain Monoprix, a shopping arcade and offices.

Groupama, real estate brokers Jones Lang LaSalle and QIA all declined to comment on the sale.

QIA current portfolio includes stakes in Royal Dutch Shell, LVMH Moët Hennessy Louis Vuitton, Tiffany & Co and Paris St Germain football team.

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Posted by: عاشق الإمارات

Why can't Qatar do something better with their cash? I fail to capture the logic behind their "buy this, buy that" attitude, what benefit will it add to the state of Qatar or to the people of Qatar to buy "harrod's" or a shop at champs elysees!! how well will that go down in history? I cant think of a country that was remembered for merely "shopping" all year! why can't you build or pioneer or engineer something in qatar that becomes a success to the point that other nations are interested to buy it? or replicate it! I understad Qatar geographically is too tiny but even though its small most of it is still unbuilt apart from business towers in the city center which does not add anything culturally, touristically or even commercially it has not acheived a commercial or financial hub status like Dubai has for example, at the moment when you think Qatar you think rich tiny gas exporting country that does nothing but shopping all the time round the clock and around the world!

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