Bain Capital, Revcap and Black Swan Invest in Prime Mixed-Use Asset on the Champs-Élysées to Support Landmark Paris Redevelopment

LONDON/PARIS – January 7, 2026 – Bain Capital, a leading global private investment firm, Revcap, a pan-European real estate private equity firm, and Black Swan today announced the investment in 29–33 Avenue des Champs-Élysées in Paris, a prime mixed-use building located on one of the world’s most prominent retail corridors. The investment, being conducted as a joint venture between Bain Capital’s European Real Estate strategy and Revcap’s Real Estate Platforms strategy, will support the redevelopment of the vacant asset into three flagship retail units and modern office space designed to meet long-term demand from global brands and corporate occupiers.

The project is structured as a comprehensive repositioning initiative, benefitting from an existing building permit and a fully stripped interior that enables an efficient redevelopment program. The investment reflects the investors conviction in high-quality European real estate, particularly in corridors with sustained international tourism, limited availability of large flagship units and resilient rental dynamics. The firm is partnering with Black Swan Real Estate Capital on the execution of the business plan.

Bain Capital’s European Real Estate strategy continues to focus on high-quality assets in markets where long-term operating fundamentals remain resilient and demand is structurally supported.

“This investment highlights the strength of our European real estate strategy and our ability to underwrite unique assets in globally strategic locations,” said Ali Haroon, a Partner and Head of Special Situations and Real Estate in Europe at Bain Capital. “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.”

“The fundamentals supporting this asset are exceptionally strong,” said Rafael Coste Campos, a Partner at Bain Capital. “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 maximize value creation for the asset.”

“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,” said Andrew Pettit, Equity Partner of Revcap.

“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,” said Rouzbeh Badi Arez, Partner at Black Swan. “This transaction represents an exceptional opportunity to acquire a truly rare redevelopment asset, located at the very heart of an internationally acclaimed address. Through its ambition and positioning, the project fully aligns with the ongoing renaissance of the Champs-Élysées and represents a unique opportunity to take part in the transformation of the world’s most beautiful avenue,” said Gautier Beurnier, Senior Advisor at Black Swan.

The redevelopment will incorporate leading environmental performance features and is targeting top sustainability certifications, including HQE, BREEAM and BBCA. Plans include enhanced natural light, energy-efficient systems and potential integration of green or solar roofing, consistent with Paris 2030 climate objectives and broader EU sustainability frameworks.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $205 billion in assets under management. To learn more, visit baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Revcap

Founded in 2004, Revcap is an independently owned private equity real estate principal investor. Revcap targets real estate joint ventures in partnership with local operating partners. Since inception, Revcap has partnered with institutions, foundations, endowments, and family offices to invest in over €15bn of European real estate transactions across 13 investment vehicles. The firm has closed more than 80 deals in France.

About Black Swan Real Estate Capital

Launched in February 2021, Black Swan Real Estate Capital is a real estate investment and asset management firm operating in the French market. Black Swan was founded by Rouzbeh Badi-Arez and Revcap and invests in and manages a total of €500m of office, retail and residential real estate investments predominantly in Paris, alongside leading institutional investors.