Published On: Tue, Oct 7th, 2014

Joseph Sitt Spends $190 Million on Paris Benetton Megastore

Paris Benetton Megastore

Joseph Sitt’s Thor Equities is planning to buy a Benetton megastore in Paris for $190 million.

The move comes after Thor hired former Pears executive Jared Hart to handle the firm’s $13 billion expansion into the European real estate market. Thor already acquired the nearby 65-67 Avenue des Champs-Élysées last year.

Located at 51-53 Boulevard Haussmann near the Galeries Lafayette shopping center in Paris’ Ninth Arrondissement, the store opened in 2004. It offers a different brand on each of its floors.

The building itself was completed in 1865 and has 80, 700 square feet.

Boulevard Haussmann is named for the famed French architect Baron Haussmann who redesigned Paris in the Late 19th Century. It is one of the City’s main commercial centers and is lined with stores.

There is no word yet as to whether Benetton Plans to close the store or lease back the building from Thor.

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