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NEW QATAR INVESTMENT: The Qatar Investment Authority has bought a flagship retail complex on the Champs-Elysées from French insurance firm Groupama for more than 500 million euros, or $622 million at current exchange, the French daily Le Figaro reported on Tuesday.
A spokesman for Groupama declined to comment on the report, as did a spokeswoman for real estate firm Jones Lang LaSalle, which handled the sale. Officials at Qatar Investment Authority did not respond to requests for confirmation.
The building at number 52 dates back to the Thirties and is now home to a Virgin Megastore, a branch of French retail chain Monoprix, a shopping arcade and offices.
Through its Qatar Holding LLC arm, Qatar Investment Authority has racked up luxe and retail properties in recent years. The investment house acquired Harrods for a reported $2.22 billion in 2010 and has since snapped up a 1.03 percent stake in LVMH Moët Hennessy Louis Vuitton and a 5.2 percent share in Tiffany & Co.