EUROPE - Invesco has bought a Paris office building on behalf of the German Versorgungswerk for doctors in North Rhine-Westphalia (NAEV).
The €10bn NAEV had commissioned Invesco Real Estate (IRE) with a pan-European mandate of undisclosed size to boost its real estate portfolio, which makes up around 10% of total investments.
For the mandate, IRE has acquired an office building in a prime location in Paris for an undisclosed sum from LaSalle Investment Management.
The building was erected in 2008, and its 2,400 square meters are fully let to six long-term tenants, including Allianz Real Estate and the Financial Times.
William Ertz, director fund management at IRE, said: "The centre of Paris remains an attractive location for institutional core funds, which are looking for low-risk office investments."
The company forecasts further rental growth in central Paris locations.
Over the short term, IRE said it was looking for further prime office and retail objects with a low-risk profile in central locations in European capital cities for the NAEV mandate.
