The home of one of France’s best-known nightclubs, Le Queen in Paris, has been bought by New York real estate investor Thor Equities.

Thor is understood to have paid €70 million for 102 Avenue des Champs-Elysées, the building housing the club, according to people familiar with the deal. The ownership of the club is not affected by the deal.

Celebrity DJ David Guetta played at the club when making his name in the 1990s; it was previously known as Le Central.

The move comes amid France’s economic stagnation, which has turned off many global real estate investors despite the strong upswing in property market investment across continental Europe.

Joseph Sitt, Thor chief executive, said: “My investment philosophy is like Warren Buffett’s: when everyone else is running out of the room, we run in.”

“We continue to believe strongly in the Paris retail market, in particular prime shopping and tourist destinations.” – Copyright The Financial Times Limited 2015