Invesco Real Estate (IRE), the cross-border property investment manager, is pleased to announce that it has purchased Entre Deux Shopping Centre in Maastricht, Netherlands and an office investment comprising four properties on rue Marignan and rue Marbeuf in Paris CBD for a total investment of 225.5 mln. The properties have been purchased for one of IRE's pan-European funds, further diversifying the fund by location and sector.
Maastricht itself benefits from its strategic location in southern Netherlands close to the Belgium and German borders as it generates good demand from both national and international retailers and provides the area with significant tourist shopping, with approximately one in three visitors coming from outside the region. Maastricht offers a mix of prime shopping facilities, restaurants and museums within a historic town center as well as one of the largest congress centers in the country.
In its second acquisition, IRE has acquired four core office buildings as part of one transaction, representing total space of 12,042 m², including two ground floor retail units and underground parking. The properties are located within the 'golden triangle' of the CBD of Paris, close to the prestigious Avenue des Champs Elysées, Avenue George V and Avenue Montaigne, which benefits from good transport links and high quality tenants including banks and financial institutions, service companies, embassies and fashion designers. The properties were upgraded in 1999 to high specification and let on long term leases with strong covenants, with the main tenant being the French headquarters of Linklaters.
Both acquisitions have been acquired off-market as a result of Invesco Real Estate's strong relationships within the marketplace. Opportunities to acquire properties within Paris's 'golden triangle' are rare and extremely difficult to secure as they are infrequently traded and competitively sought by investors.
Paddy Bingham, Invesco Real Estate's Director of Fund Management comments: "I am delighted that we have acquired these properties off-market, which highlights the ability of having a local network around Europe. Our clients are pleased that we have been active but selective in our acquisitions programme to date and now have six assets for the fund, four of which we have purchased this year, in five countries and across the three