Invesco Real Estate has acquired 5-7 avenue du Coq, a fully leased office property located in the 9th arrondissement of Paris, in the centre of the Central Business District (CBD). The acquisition was made on behalf of one of the firm’s long-standing German separate account clients. The purchase price has not been disclosed.
Cristiano Stampa, Senior Director – Transactions for France, Belgium and Southern Europe, at Invesco comments: “We are delighted to have secured this rare opportunity to acquire a typical Haussmann building in an exceptional location in the heart of the new Parisian CBD, the Saint-Lazare area, for our client. The 6-storey building comprises 4,300m² office space and offers the potential to be repositioned to Grade-A standards. The asset benefits from a best-in-class access to the largest transportation hub of Paris. ”
William Ertz, Senior Director – Fund Management at Invesco adds: “The French market is one of the key target markets of our client’s European portfolio due to the combination of stronger economic growth and ongoing positive occupier market trends. This core office asset fulfils all our investment criteria and further increases the diversification of our portfolio. We are planning to realise an upside potential through active asset management initiatives to create additional value and secure long-term income for our client.”
Maitre Jean-Pierre Brulon (Victoires Notaires associés), KPMG, Theop and Fidal acted for Invesco Real Estate. The asset was acquired from a French SCPI.
