Following two previous transactions in Paris and Lyon at the end of December 2009, Invesco Real Estate has acquired another office building in France for a pan-European fund. The property investment manager paid 37 million for the retail and office building in a prime location on Avenue des Champs-Elysées in Paris.
This exceedingly rare investment opportunity marks Invesco Real Estate's first acquisition on Paris' Avenue des Champs-Elyseés. Aside from the excellent location and the distinct historic architectural style, the building offers such benefits as natural lighting and high ceilings.
Doris Pittlinger, Head of Fund Management Europe at Invesco Real Estate, says: "We are very proud to have managed to leverage our excellent network to make this investment as few Champs-Élysées properties are put up for sale."
The building was sold by Allianz Real Estate, France. The transaction was arranged by Catella.
Over the past 12 months Invesco Real Estate has invested over 500 million into the French market and 770 million across Europe.