Bain, Revcap, Black Swan invest in Paris mixed-use

Global private investor Bain Capital, pan-European real estate private equity firm Revcap and Black Swan have jointly invested in 29–33 Avenue des Champs-Élysées in Paris. 

29–33 Avenue des Champs-Élysées, Paris

This prime mixed-use building, located on one of the world's most renowned retail streets, will undergo a significant redevelopment.
The investment, a joint venture between Bain Capital's European Real Estate strategy and Revcap's Real Estate Platforms strategy, will transform the currently vacant asset. The plan is to create three flagship retail units and modern office spaces, designed to meet the strong demand from global brands and corporate tenants.
This comprehensive repositioning project benefits from an existing building permit and a stripped interior, allowing for an efficient redevelopment timeline. The investment reflects the partners' confidence in high-quality European real estate, especially in areas with sustained international tourism, limited availability of large flagship units, and robust rental dynamics. Black Swan Real Estate Capital will collaborate on the execution of the business plan.
Bain Capital's European Real Estate strategy continues to target high-quality assets in markets with resilient long-term operating fundamentals and strong structural demand.
Ali Haroon, a partner and head of Special Situations and Real Estate in Europe at Bain Capital, stated: “This investment highlights the strength of our European real estate strategy and our ability to underwrite unique assets in globally strategic locations. The Champs-Élysées remains one of the most recognizable and resilient retail avenues in the world, and we see compelling long-term potential in delivering a next-generation retail and office destination in the heart of Paris.”
Rafael Coste Campos, a partner at Bain Capital, commented: “The fundamentals supporting this asset are exceptionally strong. Flagship retail units of this scale and quality are extremely rare and structurally undersupplied, whilst tenant demand continues to deepen. The current macro dislocation is allowing a special window to acquire unique assets at attractive valuations. We are convinced that combining our expertise with that of Revcap and Black Swan will enable us to maximise value creation for the asset.”
Andrew Pettit, equity partner of Revcap, said: “We are delighted to be partnering with Bain to acquire such an iconic asset in Central Paris. The acquisition demonstrates Revcap’s ability to execute complex transactions of scale in key European markets, whilst illustrating the capabilities of Black Swan Real Estate Capital, a platform created by Revcap. We look forward to contributing to the ongoing evolution of one of the world’s most recognisable streets.”
Gautier Beurnier, senior advisor at Black Swan, added: “This acquisition represents a defining step in our strategy. By acquiring this office and retail building on this iconic avenue, we are proud to join forces with prestigious partners to reimagine a landmark project at the heart of Paris.” 
The redevelopment project will prioritise environmental performance, aiming for leading sustainability certifications such as HQE, BREEAM, and BBCA. The plans include maximising natural light, implementing energy-efficient systems, and potentially incorporating green or solar roofs. These initiatives align with Paris's 2030 climate goals and broader EU sustainability frameworks.