Invesco buys office in Paris for German doctors association

Invesco Real Estate (IRE) has acquired a prime office building in Paris' central business district on behalf of a pan-European separate account mandate which it manages for German doctors association Nordrheinische Ärzteversorgung. Financial details were not disclosed.

The newly built asset Rue la Boétie provides around 2,400m² of office space including 40 underground parking spaces. The property is the former headquarters of French press group 'Les Echos' and is currently fully let to six tenants. It is the headquarters of financial services companies such as Allianz Real Estate and Optimind.

William Ertz, Director of Fund Management at IRE commented: 'The centre of Paris remains an attractive location for institutional core funds which are targeting lower-risk investments such as office buildings. In our spring 2011 European House View, we forecast that there will be further rental increases for properties within central Paris and, in our view, this can make investments in this marketplace an attractive opportunity for pan-European mandates.'

IRE plans to acquire further high quality office and retail properties within central locations in core European capital cities for Nordrheinische Ärzteversorgung.

Invesco Real Estate was assisted by Linklaters LLP on this transaction, while the vendor was assisted by Baker & McKensie and the notary office of SCP Lavigne et Roux.