Invesco Real Estate forward-funds 17,600sqm office building in Paris
Invesco Real Estate has recorded €2bn European value-add transactions in total, the manager said today as it announced a new agreement to forward-fund a 17,600sqm office asset in Paris.
The €61.5bn real estate investment manager said it will provide an undisclosed sum to fund the Cluster office building in Saint-Denis.
Cluster, which will be built by PRD Office, is expected to be completed by the third quarter of 2021.
Cristiano Stampa, transactions managing director at Invesco, said: “Cluster represents a great example of Invesco’s capacity to anticipate future needs and to invest in upcoming modern projects.”
The Cluster site is located in the area surrounding the Condorcet Campus, a major development program that will see several Paris universities relocate to Saint-Denis.
Stampa said the Condorcet Campus area is benefitting of a strong infrastructures’ improvement and a new generation of assets for public, residential and commercial use.
Clay Collier, fund management senior director at Invesco, said: “Delivering next-generation offices within strategic locations of prime European cities is a recurring investment theme for us, and our local team was particularly attracted by quality of design, environmental, social and governance characteristics and transport links of the micro-location in Paris for this project.”