Nike And Norges Bank Acquire Retail Property On Paris' Champs-Élysées For $673M
SOLD
$673,000,000
Ile De France
See Similar DealsRetail83,000 SF
Sold 11/30/2020
SOLD
Nike And Norges Bank Acquire Retail Property On Paris' Champs-Élysées For $673M
79 Av. Des Champs élysées, 75008 Paris, France
See Similar DealsRetail83,000 SF
Sold 11/30/2020
Summary
Asset Type:Retail
Price Per Square Foot:$8,108
Total Square Footage:83,000 SF
Transaction Type:Sale
The giant sportswear brand Nike and Norges Bank have purchased the most expensive building on Paris' renowned Avenue des Champs-Élysées for a staggering $673,000,000. This prime retail asset spans 83,000 square feet and is located in the bustling market of Paris. The new European headquarters for Nike will be situated in this prominent location.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $673,000,000
- Square Footage: 83,000
- Price per Square Foot: $8,108
- Address: 79 Avenue des Champs-Élysées, Paris
- Buyer: Nike & Norges Bank
This high-profile acquisition by Nike and Norges Bank solidifies Nike's position in the European market and highlights the significance of the Avenue des Champs-Élysées as a premier retail destination. The deal underscores the strategic growth plans and commitment of Nike to establish a strong presence in Paris.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$35,893,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,391,026.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,190,363.35
Annual Debt Service$38,284,360.18
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