Invesco Real Estate (IRE), the global cross-border property investment manager, is pleased to announce that it has sold 148 rue de l'Université to Swiss Life Assurance et Patrimoine S.A for an undisclosed sum.
The property was purchased in 2009 on behalf of a US pension fund client as part of their strategy to diversify their real estate portfolio outside of their domestic market.
Rory Morrison, Senior Director - European Fund Management, Invesco Real Estate comments: "Rue de l'Université was a good investment for our client as it enabled them to take their first steps into ontinental Europe to complement their international direct real estate portfolio."
148 rue de l'Université is a 12,000 m² property located on the southern edge of the CBD of Paris in the heart of the 7th arrondisement. The property was acquired at the end of 2009 with substantial vacancy and was fully renovated in 2010 to accommodate the Paris headquarters of Casino and is now currently leased to three tenants (LBO, Air France and Casino).
Morrison continues: "Our global platform is set up to deliver global solutions to institutional investors around the world and to enable them to implement real estate strategies outside of their domestic borders.
"This is in part due to the 'on the ground' transactions teams that we have, both in the UK and across Europe, who fully understand the marketplace. It is this local expertise and world view philosophy which we believe places us at an advantage when investing and divesting locally."
The transaction was achieved through a co-exclusive sale mandate with Strategies&Corp and CBRE. In this transaction, Invesco Real Estate was advised by Linklaters LLP and the notary office 3 place des victoires in Paris. The buyer, Swiss Life Assurance et Patrimoine S.A, was advised by Swiss Life Immobilier, K & L Associates, WRAGGE&Co.
In the past 12 months, IRE has successfully invested over 1 billion into pan-European commercial property across the four sectors of office, retail, logistics and hotels for its fund and separate account mandates.
Source: Invesco Real Estate