Invesco Property Income Trust Limited has acquired a €95 million pan-European multi-building portfolio consisting of five properties spanning three countries - France, Belgium and Spain. This is the second European acquisition for the company since it expanded its mandate beyond the UK and into continental Europe in December 2006.
A complex acquisition, the transaction was a share deal requiring 12 companies to be either created or acquired across six jurisdictions. Known as the "ISAR portfolio" this, together with the Lexin portfolio purchased in February 2007, brings the total of Invesco's non-UK property to 28 per cent.
The ISAR portfolio, which was acquired from German fund manager REAL IS, comprises: two modern logistics buildings located south of Paris, France; two modern office buildings located in established office locations around Brussels; and a single warehouse complex located on one of Barcelona's most accessible industrial estates.
All assets are situated in markets that are expected to deliver attractive performance over the next five years, according to INVESCO Real Estate's latest European Market Review.
Rory Morrison, fund manager, Invesco Real Estate, said: "We continue to source further acquisitions that we believe will add value to the fund by diversifying risk and, ultimately, providing our shareholders with a truly balanced real estate portfolio."