Invesco RE snaps up London office for German fund

Global investment manager Invesco Real Estate (IRE) has acquired a GBP 124 mln (EUR 144 mln) mixed-use complex in the City of London on behalf of a fund owned by Germany’s largest public pension fund Bayerische Versorgungskammer (BVK). The property at 107 Cheapside was acquired on behalf of the iii-BVK Europa-Immobilien-Spezialfonds institutional real estate fund, which IRE has managed since 2000. The vendor is Irish developer Menolly Investments.

Invesco said in a statement that the purchase represents a rare opportunity to acquire high-quality property in a core location which is already multi-let to 13 major tenants. The Grade A Cheapside building was constructed in 2009 and boasts a BREEAM Very Good rating, with more than 17,000 m² of overall space.

Invesco RE’s senior director Rob Johnston said: ‘Cheapside is considered to be one of the City of London’s most sought-after office and retail locations as well as being the City’s main retail thoroughfare. The development of 100 Cheapside, which is on the adjacent site to our property, will further improve Cheapside in our view.’

For the Cheapside acquisition, Strutt & Parker acted on behalf of IRE and CBRE represented the vendor Menolly Investments.