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Apple store building in Paris on market for €700M

The building housing the Apple Inc. store on Paris' Avenue des Champs-Élysées is on the market for €700 million, CoStar News U.K. reported.

The 114 Avenue des Champs-Élysées property has been placed on the block by its private French owner, who has assigned JLL and Morgan Stanley to find a buyer, the report said.

The sale of the freehold block would reflect a net initial yield of 2.5%.

Apple's store on the lower levels of the seven-story building spans roughly 5,500 square meters, while the upper floors are used for office space. Apple pays roughly €12 million in annual rent, the report noted.

Avenue des Champs Élysées ranks as the most expensive retail location in Europe, CoStar News U.K. said, citing Cushman & Wakefield.