Invesco Real Estate bags prime French assets (FR)

Invesco Real Estate (IRE), the global real estate investment manager, is pleased to announce two separate acquisitions during October 2012 of prime French retail assets - Alpha Park 2, a newly-built 35,000 m² retail park in Clayes-Sous-Bois (78) and 144 rue de Rivoli, a 6,750 m² mixed-use retail and office property in central Paris, for a total investment of c. €200 mln.

Alpha Park 2

Alpha Park 2 is located in one of the best retail park areas in the west of Paris.

These latest investments add further strength to IRE's 2012 strategy to focus on retail, a sector IRE believes is expected to perform strongly over the long-term, and thus growing its retail portfolio to 20% of its total assets under management. This strategy has seen the firm invest c. €870 mln in various retail assets including mixed-use properties, retail warehouses, retail parks and shopping centers over the past 18 months on a pan-European basis.

Paul Joubert, Managing Director – Transactions, Europe comments: "Although we have always had allocations to retail, since late 2011 we have increased our focus to this sector and will continue in 2013 as we strongly believe that it should offer attractive long-term returns for our clients.

This concerted effort has meant we have been able to access some of the best quality, including some rare, investment opportunities available in the marketplace, the majority of which have been off-market due to our established local contacts."

Alpha Park 2 is located in one of the best retail park areas in the west of Paris, in the upmarket suburb of Clayes Sous Bois / Plaisir. The asset is multi-let to a mixture of national and international tenants including Alinea, Maisons du Monde, Maxi Zoo, Etam, Foot Locker and Natureo on long-term leases, and was purchased from La Compagnie de Phalsbourg, a well-known French retail developer and specialist in developing high standard, innovative "green" retail parks.

The property, which opened to public in September 2012, has the accolade of having the world's biggest vegetal wall designed by Patrick Blanc.

Alpha Park 2 has been purchased for one of IRE's pan-European funds and in this transaction IRE was advised by l'office notarial Jean-Marc ALEXANDRE, Olaf DÉCHIN, Dominique DEVRIENDT et France HOANG Notaires associés, Linklaters LLP and Clifford Chance with financing by PBB.

144 Rivoli is located in Paris's 1st Arrondissement, within one of the city's established retail locations, and close to major transport hubs and tourist attractions. The 6,750 m² property is made up of 4,800 m² retail space, with the remainder being office space as well as basement parking. It will be the flagship store for Forever 21, an American fashion retailer, while there is a rental guarantee in place for the office space.

The prosperous location is expected to benefit from various redevelopment/renovation projects in the area such as Les Halles, Forum les Halles and the Samaritaine building.

This excellent prime property has been designed and developed to very high standards and should be delivered in 2013. It has been acquired on behalf of the iii-BVK Europa-Immobilien-

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