Invesco Real Estate has bought a mixed-use asset in France’s capital on behalf of German pension funds Bayerische Versorgungskammer and Nordrheinische Ärzteversorgung.
The global manager has paid an undisclosed sum to buy the two adjacent and connected buildings in Paris on behalf of a joint venture between the firms’ two German separate account clients. The 5,400sqm asset comprises the two luxury flagship retail units, offices and residential units.
Invesco said the asset is located at 6-12 Rue du Faubourg Saint Honoré, in the 8th arrondissment.
Cristiano Stampa, Invesco transactions managing director, said: ”6-12 Rue du Faubourg Saint Honoré is a very strong asset, benefitting from a prime location on one of the most prestigious Parisian streets, surrounded by luxury brands and palace hotels.
“We are confident that the asset could deliver significant long-term upside potential through active asset management initiatives.”
William Ertz, Invesco senior director in charge of fund management, said: “This transaction aims to adds further diversification benefits to our clients’ portfolio.
“The Paris market continues to play a big role in our European investment strategy and we are confident that, due to a global attractiveness on a long-term view, the high-end luxury retail sector should prove highly resilient.”
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