U.S. sports brand Nike Inc. will establish its European headquarters at the 79 Avenue des Champs Elysées building in Paris, Forbes reported.
Norwegian sovereign wealth fund Norges Bank Investment Management bought the property at a record price of €613 million from mutual insurance group Groupama Group, which confirmed the deal on Oct. 3, according to the publication.
The building, which recently underwent a five-year renovation, has an estimated area of 7,700 square meters.
The Nike store, expected to open in December, will feature 4,300 square meters of retail space across five floors, with a rooftop view of the Champs and Paris, according to Forbes.
