LVMH CEO Bernard Arnault has purchased the luxury property at 101 Champs Elysées, corner of Avenue George V, from Gecina, a listed real estate company, paying at least 770 million euros for the Art Deco building. One broker said the price could have been as high as 900 million euros. The acquisition is the latest deal in the Paris property buying spree of Arnault and his biggest rival François-Henri Pinault, CEO of luxury conglomerate Kering, who together have spent an estimated 2.4 billion euros on real estate in the past nine months.
Easily recognizable by a large LV logo, the building covers about 9,400 sq m on seven floors – including 4,000 sq m of offices, 3,885 sq m of stores and another 1,200 sq m and was renovated in 2006. This means that the average selling price was over €80,000 per sq m.
Gecina confirmed the sale of the building in a statement, but did not name the buyer.