Invesco Real Estate has agreed its largest single European asset deal with the acquisition of a €789m office asset in France’s capital from Unibail-Rodamco-Westfield.
The €52.6bn manager said it is buying Capital 8, a fully-leased, 45,000sqm office property in Paris. Capital 8 covers 11 floors in four interlinked buildings with over 500 parking spaces across five underground levels.
The final closing of the transaction is expected to take place in the fourth quarter of the year.
Andy Rofe, a managing director at Invesco’s European business, said: “The acquisition of Capital 8 marks a milestone for Invesco Real Estate as the largest single European asset deal in our history.
“Capital 8 fits our desire to acquire assets where we can create the environment that satisfies the changing needs of current and future occupiers.”
Cristiano Stampa, a senior director of transactions for France, Belgium and Southern Europe at Invesco, said: “Due to its scale and layout, our ambition for Capital 8 is for the property to become a placemaking business centre in Paris’s central business district and provide today’s tenants with a workplace and space that meets their needs.
“From an investment perspective, our planned initiatives are aimed at delivering a stable, diverse income for our investors as well as net operating income growth for our investment strategy.”