Invesco Real Estate
has sold Tour Prisma
, a 23,000m² office tower in Paris’ premier business district La Defense to AEW Ciloger
, acting on behalf of its French regulated retail vehicles, SCPIs and OPCIs. The company acquired the office building in 2014 as the first of six European assets bought for an Asian separate account client, two of which have been sold previously.
Tour Prisma was constructed in 1998 and refurbished in 2011, and is fully leased to four tenants, anchored by law firm Fidal
. La Defense is Europe’s largest business district with more than 3.4 million m² of office space, hosting major French and international companies and boasting excellent public transport links.
Cristiano Stampa, Senior Director - Transactions at Invesco commented: “Our client is delighted with the success of this deal. The local market has recovered more quickly than anticipated, thus demonstrating our ability to pick the right assets at the right time and manage them through a market cycle. Our local teams will continue to manage the remainder of our client’s portfolio across France and Germany, while we continue to seek additional investments.”