Invesco Real Estate, the global cross-border property investment manager, is pleased to announce that it has sold two office properties in the UK totaling ca. £48 million (approx. 56 mln.) on behalf of its client, the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), which Invesco Real Estate has managed since 2000.
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The offices (not pictured) sold for 56 million.
The transactions include 17 Quay Street in Manchester and 125 Wood Street in the City of London, which were both purchased by BVK in 2001 and 2005, respectively.
The Manchester property in Quay Street is a six-story, 59,200-ft² (5,480-m²) office building with basement parking and is currently fully let to Direct Line Insurance Plc on a long-term lease. Manchester is one of the largest financial centers in Europe and the property is located close to Spinningfields, a large business, retail and residential development in the city center's western district. The property has been purchased by Aviva Investors.
The second property in Wood Street, in the City of London, is a 44,498-ft² office building which is currently fully let to Dresdner Bank AG, now part of Commerzbank. The property is located close to Cheapside, the Bank of England and St Paul's with its selection of retail outlets, restaurants, bars and excellent transport links. The property has been purchased by Orchard Street Investment Management LLP.
Bettina Knirsch, Fund Manager at Invesco Real Estate said: "The current market represents and excellent opportunity to review our portfolio allocations and transact assets at strengthening prices. We are therefore pleased to have concluded the sale of these two assets for our client."
JLL and Knight Frank acted on behalf of Invesco Real Estate, while NB Real Estate acted on behalf of Aviva Investors.
Source: Invesco Real Estate
The Manchester property in Quay Street is a six-story, 59,200-ft² (5,480-m²) office building with basement parking and is currently fully let to Direct Line Insurance Plc on a long-term lease. Manchester is one of the largest financial centers in Europe and the property is located close to Spinningfields, a large business, retail and residential development in the city center's western district. The property has been purchased by Aviva Investors.
The second property in Wood Street, in the City of London, is a 44,498-ft² office building which is currently fully let to Dresdner Bank AG, now part of Commerzbank. The property is located close to Cheapside, the Bank of England and St Paul's with its selection of retail outlets, restaurants, bars and excellent transport links. The property has been purchased by Orchard Street Investment Management LLP.
Bettina Knirsch, Fund Manager at Invesco Real Estate said: "The current market represents and excellent opportunity to review our portfolio allocations and transact assets at strengthening prices. We are therefore pleased to have concluded the sale of these two assets for our client."
JLL and Knight Frank acted on behalf of Invesco Real Estate, while NB Real Estate acted on behalf of Aviva Investors.
Source: Invesco Real Estate
