Invesco Real Estate said on Thursday that it has completed its first residential investment in France in a forward funding deal on behalf of its recently launched European Living Fund. Financial details were not disclosed.
The acquisition in Bossey, located on the Swiss/ French border, consists of 115 modern, and sustainable grade-A units across a total area of 7,100 m2 set to complete in Q4 2023.
Invesco launched the Invesco Real Estate European Living Fund in August last year, targeting a 4% p.a. gross income return and 5.5% to 7.5% gross total return.
This latest acquisition follows the announcement in February that Invesco had entered into a joint venture between the fund and a separate account client to invest €150 mln in SeiMilano, one of the largest and most significant development residential projects in Europe, situated close to Milan’s CBD.
William Ertz, senior director of fund management at Invesco, commented: ‘The fundamentals shaping the private residential market in Europe continue to be highly attractive for investors and we expect strong interest in the sector from institutional investors in 2021 and over the next decade. We are confident that our European Living Fund is very well positioned to meet this demand, which has been proven by this acquisition.’
