Global investment manager Invesco Real Estate (IRE) has acquired three Class-A offices in Milan, Prague and Munich on behalf of a German client for €140 mln.
'We are delighted about the successfull close of these acquisitions which will have the potential to further improve the diversification and performance of our clients portfolio,' said William Ertz, senior director – fund management at IRE.
'All three assets are fitting perfectly into the agreed strategy of high quality buildings, very good public transport, high and stable income combined with further growth potential.'
According to Invesco, the deals were made on behalf of one of the firm’s long-standing German separate account clients, a southern German pension fund.
The property in Prague, located in the business district of Karlin, comprises a modern multi-tenant building with 11,500 m2 of office space, 1,000 m2 of retail space, 140 parking spaces, terraces and storage. In Milan, the 8,500 m2 asset, located in Via Crocefisso 27 in the historical centre, is fully let to prime office, retail and residential tenants. The Munich property (pictured) is a multi-tenant office consisting of five separate buildings with 17,800 m2, located south-west of the CBD.
'The locations within growing markets and the attractive return profile are key attributes for all three investments. Thanks to our local, on-the-ground teams in Germany, Italy and the Czech Republic, we were able to secure these core products 'off-market' and look forward to actively managing the assets and for our client,' concluded Ertz.
