Invesco’s global real estate investment business has acquired a major residential development in the capital city of the Czech Republic.

Invesco Real Estate has bought the Hagibor residential development in Prague in a forward funding deal on behalf of its European Living Fund.

The development will consist of 168 apartments in three buildings with a total area of 14,600sqm, including 420sqm of lettable commercial space.

The deal is Invesco’s sixth acquisition for its European Living Fund, which launched end of 2020.

William Ertz, managing director, fund management at Invesco, said: “With our latest acquisition Hagibor, a prime residential development in Prague, we further strengthen and increase the diversification of our European Living Fund and we are now successfully invested in six European countries.”

Ertz said the fund continues to target prime assets in “highly attractive markets and represents an excellent opportunity for investors” to capitalise on the dynamics shaping the residential sector in Europe.

“There is strong demand for key developments in city-centre locations and Invesco continues to expand its offering in this space for our clients,” Ertz said.

Tomas Picha, senior director of transactions at Invesco, said: “Increased property prices in the Czech Republic mean many people are now choosing to rent, particularly in its capital city.

“This latest development will offer affordable accommodation for those looking to live in the heart of the city in a region where there is nationwide urbanisation and growing disposable income.”

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