Invesco Real Estate sells French asset for EUR 14m

Invesco Real Estate (IRE), has announced the sale of a Parisian office property for EUR 14 mln on behalf of its client, the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK), to BNPPREI Management on behalf of a ‘SCPI’ under management, Accimmo Pierre.

The property, 3bis boulevard de Charonne, represents the first property that IRE purchased for BVK in October 2000, when the investment manager was appointed to manage BVK’s pan-European real estate fund. Charonne is situated in the east of Paris, and is 100%-let on a long-term lease to American Express Voyage.

Bettina Knirsch, Fund Manager at Invesco Real Estate said: 'We are delighted with the outcome of this transaction, which has been a successful investment for the fund in delivering decent returns and outperforming the expected performance over its 10-year hold period. However, we believe that now is the right time for the fund to divest this asset. In actively managing the client’s long-term portfolio, our aim is to reinvest the capital including additional funds from the client to further diversify and grow the portfolio within the European marketplace.'

Knight Frank acted on behalf of Invesco Real Estate.