Sovereign wealth fund bought property from LBO France for $129mn
The Qatar Investment Authority has bought the building housing the historic Le Lido at the Champs-Élysées in Paris, France; it was announced earlier this month.
The sovereign wealth fund is reported to have bought the property from the French private equity group, LBO France. A report by PropertyEU said that the deal was worth more than $129mn, citing market sources.
Le Lido is a cabaret and burlesque show establishment which opened in 1946. It is famous for its exotic shows and has played host to a number of historic performances by musicians and artists, including the likes of Elvis Presley, Edith Piaf, Elton John, Laurel and Hardy and Noel Coward.
Built by the diamond and real estate developer Leonard Rosenthal, the building is considered an iconic Parisian landmark. LBO France bought the building in 2005.
Around 10,000m2 of the building are under recent SECURE firm leases and 5,000m2 of office space is partially rented.
It was renovated by Sodearif who preserved many of the art deco facets of the building (these include the façade, stained glass by master craftsman Max Ingrand, and elevator shafts and stairs. There is also approximately 5,000m2 of residential space.
Both LBO and the Qatar Investment Authority declined to comment on the transaction.
Through its subsidiaries, the Investment Authority has a stake in a number of international projects, including the headquarters of Credit Suisse’s headquarters in London.
Qatari real estate investments in France are believed to be close to $4bn in value. The Authority also owns a number of hotels in Paris. Most famously, the authority owns, through a subsidiary, Paris Saint-Germain FC, a French football club.