The tycoon’s empire Bernard Arnault continues to grow, this time making a big ‘hit’ in real estate. According to rumors in the French press, the patron of Lvmh in fact, it definitively bought the building that now houses the gigantic seven-story flagship store Louis Vuitton (flagship maison of the group), at 101 avenue des Champs-Élysées.
The number one luxury group, after a negotiation that began last September, acquired the building from the real estate company Gecina, for a figure that according to the French press would range from 770 to 900 million euros. As reported by the French real estate site CFNews Yesthe sale was confirmed by the real estate company itself (for which the operation would be the largest sale in its recent history), without however disclosing the name of the buyer, later confirmed by “well-informed sources”.
The entire building, which covers an area of approximately 9,400 square meters – of which 4,000 occupied by offices, 3,885 by commercial spaces and 1,200 by night clubs – had previously been entrusted by the real estate company to the French group for a contract lease with a duration of 18 years, which in 2021 also provided for the launch of a series of restructurings by Lvmh. Already renovated in 2006, the Art Deco complex was built in the 1920s by the architect Charles-Henri Besnardand was originally commissioned, by an unusual coincidence, by Georges Vuittonthe only son of the founder of the French luxury brand.
Furthermore, it is not the first time that Arnault has won a property of immense value: already last December the tycoon had made headlines for having purchased the Casa degli Atellani, a historic jewel in Corso Magenta which houses Leonardo’s Vineyard. The value of the transaction has never been disclosed, but properties of this value in that area can reach, if not exceed, 20,000 euros per square metre.
In the last first quarter Lvmh recorded sales of over 21 billion euros (21.035 billion the exact figure), up 17% compared to the same period in 2022.