Invesco Real Estate is adding a 31,000sqm logistics hub in Austria to its European value-add fund.
The fund manager has invested an undisclosed sum on behalf of its European Value Add Fund II (EVAF II) to buy a 45,000sqm site in Traiskirchen for the logistics facility which will be developed with developer Propel Industrial.
The project, comprising four independent units, is set to complete in the fourth quarter of 2024, Invesco Real Estate said.
Felix Richter, co-head of transactions Germany and Austria at Invesco Real Estate, said: “Prime European logistics assets continue to offer strong value for investors, with this development in Traiskirchen a perfect example of a much-needed, well-located facility in a surprisingly underserved European market.
“We have already received interest from tenants for this project and are confident we will pre-let prior to completion of its construction.”
The fund manager said its second European value-add real estate fund, EVAF II, aims to generate “superior risk-adjusted returns through intensive asset management”, creating stabilised assets for sale into core markets.
Armen Gevorkian, a member of the Propel Industrial team, said: “There is a limited number of suitable sites around the Vienna area and the demand for state-of-the-art assets will increase over the coming years.
“We are delighted to be working with the team at Invesco Real Estate as it fulfils a need among all stakeholders for high-quality logistics assets.”
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