Invesco Real Estate has acquired the Hagibor residential development in the centre of Prague, as part of a forward funding deal, to be completed by Q2 2024.
This is the sixth acquisition by the global real estate investment manager for its European Living Fund, which has so far raised over €300 mln from 12 investors.
Developed by Czech real estate company Crestyl and managed by PRS scheme manager Zeitgeist, Hagibor is one of the largest urban regeneration schemes in Prague.
Tomas Picha, senior director of transactions at Invesco, said: ‘Increased property prices in the Czech Republic mean many people are now choosing to rent, particularly in its capital city. This latest development will offer affordable accommodation for those looking to live in the heart of the city in a region where there is nationwide urbanisation and growing disposable income.’
Targeting the mid-market, the development will consist of 168 apartments, featuring high ESG and sustainability standards, in three buildings with around 14,600 square metres, of which 420 will be lettable commercial space.
The location is close to the city centre, reachable in ten minutes by car and around 15 minutes by underground.
Invesco was advised by Zeitgeist.
Invesco Real Estate manages 185 assets across 14 European countries worth USD 15.1 bn (€14 bn), out of a global portfolio of USD 94.7 bn (€88 bn).
Recent transactions by its European Living Fund include a fully let and income producing standing investment in a suburb of Copenhagen; the Spinelli 10.5 and Flairwood 10.6 ESG residential development in Germany; and residential development project SeiMilano in Italy.
