Invesco Real Estate, the global cross-border property investment manager, is pleased to announce that it has sold a Parisian office property for approx. 14 million on behalf of its client, the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), to BNPPREI Management on behalf of a 'SCPI' under management, Accimmo Pierre.
The property, 3bis boulevard de Charonne, represents the very first property that Invesco Real Estate purchased for BVK in October 2000, when the investment manager was appointed to manage BVK's pan-European real estate fund.
'Charonne' is situated in the east of Paris, benefiting from its close proximity to public transport near the "Place de la Nation" and near the Paris inner ring road, and is 100% let on a long term lease to a strong tenant, American Express Voyage.
Bettina Knirsch, Fund Manager at Invesco Real Estate said: "We are delighted with the outcome of this transaction, which has been a successful investment for the fund in delivering decent returns and outperforming the expected performance over its 10-year hold period. However, we believe that now is the right time for the fund to divest this asset."
"In actively managing the client's long-term portfolio, our aim is to reinvest the capital including additional funds from the client to further diversify and grow the portfolio within the European marketplace."
Knight Frank acted on behalf of Invesco Real Estate.
Source: Invesco Real Estate