Invesco Real Estate has acquired a 4,300sqm office asset in France’s capital on behalf of a German separate account client.
The manager said it bought 5-7, avenue du Coq, a fully leased office property located in the 9th arrondissement of Paris from a French property fund.
No financial details were disclosed.
Cristiano Stampa, a senior director in charge of Invesco’s France, Belgium and Southern Europe transactions, said: “The 6-storey building comprises 4,300sqm office space and offers the potential to be repositioned to Grade-A standards.”
William Ertz, a senior director responsible for fund management at Invesco, said: “The French market is one of the key target markets of our client’s European portfolio due to the combination of stronger economic growth and ongoing positive occupier market trends.
”This core office asset fulfils all our investment criteria and further increases the diversification of our portfolio. We are planning to realise an upside potential through active asset management initiatives to create additional value and secure long-term income for our client.”