Invesco Real Estate, the global real estate investment manager, is pleased to announce the sale of two Parisian office assets, Rue Marignan and Rue Marbeuf following an extensive 18-month refurbishment project. The sale was made on behalf of IRE’s flagship pan-European, open-ended fund, as part of its disciplined sales strategy for its actively managed portfolio.
Paddy Bingham, Managing Director – Fund Management comments: “We are delighted to have sold these two office assets following an extensive refurbishment project, which saw significant improvements to the asset including building on its green credentials. We believe that investing in our assets for the future growth of the overall portfolio is key to delivering on our investment objectives.”
Invesco Real Estate acquired Rue Marignan and Rue Marbeuf in 2010 as part of an off-market acquisition as a result of the firm’s strong relationships within the local marketplace. The properties represent four core office buildings representing a total space of 12,042 m², including two ground floor retail units and underground parking.
They 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 and let on long term leases with strong covenants, with the main tenant being the French headquarters of Linklaters.