AEW Ciloger, on behalf of its French retail vehicles, has bought the Tour Prisma office building in Paris from Invesco Real Estate.
Invesco said it sold the 23,000sqm office tower in Paris’ premier business district La Défense on behalf of one of its Asian separate account clients for an undisclosed sum.
AEW Ciloger is buying the asset on behalf of SCPIs and OPCIs vehicles.
Invesco acquired the office building in 2014 as the first of six European assets bought for an Asian separate account client, two of which have been sold previously.
Tour Prisma was constructed in 1998 and refurbished in 2011, and is fully leased to four tenants.
Cristiano Stampa, Senior Director - Transactions at Invesco comments: “Our client is delighted with the success of this deal. The local market has recovered more quickly than anticipated, thus demonstrating our ability to pick the right assets at the right time and manage them through a market cycle.
”Our local teams will continue to manage the remainder of our client’s portfolio across France and Germany, while we continue to seek additional investments.”