Invesco acquires €68m shopping centre in 1st Irish deal

Invesco Real Estate (IRE) has completed its first investment in Ireland with the acquisition of a shopping centre in Dublin for €68 mln.

Frascati, a 9,500 m2 fully leased shopping centre in the affluent suburb of Blackrock, was sold by a private investor. The main tenants are Debenhams, Marks and Spencer, Boots and Vodafone.

IRE said research showed that the immediate area is underserved from a retail standpoint. This supports the plan to add a 6,300 m2 extension and reposition the centre in partnership with Irish group Burlington Real Estate.

The transaction was the third in Europe to date on behalf of Invesco's opportunistic strategy, focused on real estate related investment both in the US and Europe. The strategy is co-managed by Invesco Real Estate, WL Ross & Co, and Invesco Fixed Income.

Bert Crouch, IRE senior director of structured investments, commented: 'This is a remarkable asset which complements the strategy's portfolio well and supports our objective to increase our opportunistic exposure in Europe.

'Frascati is an exciting project as we intend to further develop the property through the introduction of greater leisure content, and improve the overall presence and connectivity of the centre over the next 24 months,' he added.

IRE manages 129 assets across 12 European countries. The portfolio is valued at $7.2 bn (€6.4 bn). Globally the firm has some €55 bn of assets under management.