GERMANY – Invesco Real Estate (IRE) has made a real estate acquisition in Paris on behalf of the Bayerische Versorgungskammer (BVK).

The latest addition to the iii-BVK Europa-Immobilien Spezialfonds is an office and retail complex in the French capital, which IRE bought for an undisclosed price.

The building on 144 Rue Rivoli in the first district built in 1800 has around 6,750 square meters in rental space and brings the number of assets in the fund to 21, valued around €1bn.

The site is currently being refurbished and is expected to achieve a BREEAM 'very good' certificate at year-end 2013 when it is finished.

The building was bought in an 'off-market' deal directly from project developer Vinci.

About one year ago, IRE, which has been managing the fund for the BVK since 2000, had sold an office building from the fund.

In other news, Aberdeen Immobilien KAG announced that the next payout from the frozen Degi International German open-ended real estate fund will be postponed from October to November when the company expects further sales.

In a statement, the company noted it had sold a property in Sweden in July, but said the money was used to pay back loans.

It said there was currently insufficient liquidity in the fund to satisfy investor demands.

The announcement comes just after ratings agency Scope Analysis pointed out that several of the former open-ended funds that had to be frozen in the wake of the crisis were behind in their liquidation schedule because of a lack of sales. 

Scope pointed out that Degi Europe and Morgan Stanley P2 so far only paid out one-third of the fund volume to investors despite the fact that two years had already passed since they had been frozen – the liquidation was scheduled to take three years in total.

The exception was the KanAm US-grundinvest, the first open-ended fund to announce its liquidation in September 2010.

Within only a few months, it had managed to sell the entire portfolio and pay back 84.5% of the fund volume, Scope noted.

Topics