Invesco Real Estate has acquired three Class-A office properties in excellent locations in Milan, Prague and Munich. The acquisitions with a total investment volume of €140m were made on behalf of one of the firm’s long-standing German separate account clients, a south German pension fund.
William Ertz, Senior Director - Fund Management at Invesco, commented: “We are delighted about the successful close of these acquisitions which will have the potential to further improve the diversification and performance of our clients portfolio. All three assets are fitting perfectly into the agreed strategy of high quality buildings with good transport links and high and stable income combined with further growth potential.“
The property in Prague comprises a modern multi-tenant building of c. 11,500 m² of office space and c. 1,000 m² of retail space, 140 parking spaces, terraces and storage space extending over several levels. The Grade-A building is located in the popular business district Karlin in Prague, a dynamically developing area with excellent amenities for employees as well as residents.
In Milan the c. 8,500 m² asset, located in Via Crocefisso 27 in the Historical City Centre, is fully let to prime office, retail and residential tenants. The remarkable building with strong real estate fundamentals should benefit from further future grown with the new M4 metro arrival next to the building shortly.
The third transaction is a high flexibility multi-tenant office property consisting of five separate buildings with 17,800 m² located south-west of the Munich CBD in an established office location. All three acquisitions benefit from excellent public transport links.
“The locations within growing markets and the attractive return profile are key attributes for all three investments. Thanks to our local, on-the-ground teams in Germany, Italy and the Czech Republic, we were able to secure these core products “off-market” and look forward to actively managing the assets and for our client,” added William Ertz.