Invesco Real Estate said on Wednesday that one of its southern European funds has bought the 'Regent Park II' complex in the Labege office park, south-east of the French city of Toulouse for EUR 10 mln. The complex consists of two new office buildings with a total floor space of about 6,126 m[sup]2[/sup].
Invesco Real Estate said on Wednesday that one of its southern European funds has bought the 'Regent Park II' complex in the Labege office park, south-east of the French city of Toulouse for EUR 10 mln. The complex consists of two new office buildings with a total floor space of about 6,126 m2.
In a second transaction, the fund successfully sold two office buildings in Courcouronnes, south of Paris, for another EUR 10 mln. Invesco said the buildings were purchased in 2000. 'These transactions aid us in implementing our fund strategy of increasing our exposure to the French regional centres, and also in Spain, by selling properties in the greater Paris region', said fund manager Karl Heinz Kronester.
The fund, which invests in southern Europe, was launched for institutional investors in 2000 and invests exclusively in France and Spain. The fund is targeting a volume of EUR 300 mln and now owns 18 real estate properties and has a volume of just under EUR 250 mln.
Invesco Real Estate was assisted by Constructa, who acts as asset manager for the properties.
