Invesco buys German office building

Invesco Real Estate announced on Wednesday that it has made its first German acquisition for the Invesco Property Income Trust Limited. The 12,268 m² property at Schickardstraße 30, is within the TBP Technology Business Park, which is part of the technology corridor south-west of Boblingen. The office building, acquired for just over EUR 14 mln is multi-let to AT&T, TechProtect and Advanced Solutions and Kabel BW.

This is the 10th cross-border acquisition for the Invesco Property Income Trust Limited since it expanded its mandate to include Continental Europe at the end of 2006.

Annette Barthelmes, senior transactor and head of asset management for Invesco Real Estate in Germany commented: 'We are delighted with the acquisition of Schickardstraße, which marks the beginning of the building up of the German portion of the portfolio for the Company. As a cross-border property investment manager, we already manage several German properties on behalf of our international clients and we are seeking to continue to invest in Germany over the coming years.'

Rory Morrison, fund manager of the Invesco Property Income Trust Limited added: 'After expanding the fund’s investment objective and policy in December 2006, the INVESCO Real Estate team has worked quickly to identify and secure 10 properties within nine months totalling EUR 210 mln.'

Schickardstraße was purchased from Europa Real Estate S.à.r.l. and introduced to INVESCO Real Estate's local transactions team by Colliers Brautigam & Kramer. The transaction was additionally assisted by Linklaters, Murlepartner and Knight Frank.