Invesco Real Estate (IRE), the global cross-border property investment manager, has sold 148 rue de l’Université to Swiss Life Assurance et Patrimoine for an undisclosed sum.
Invesco Real Estate (IRE), the global cross-border property investment manager, has sold 148 rue de l’Université to Swiss Life Assurance et Patrimoine for an undisclosed sum.
The property was purchased in 2009 on behalf of a US pension fund client as part of their strategy to diversify their real estate portfolio outside of their domestic market.
'Rue de l’Université was a good investment for our client as it enabled them to take their first steps into Continental Europe to complement their international direct real estate portfolio,' commented Rory Morrison, senior director - European Fund Management, at Invesco Real Estate.
148 rue de l’Université is a 12,000 m2 property located on the southern edge of the CBD of Paris in the heart of the 7th arrondisement. The property was acquired at the end of 2009 with substantial vacancy and was fully renovated in 2010 to accommodate the Paris headquarters of Casino and is now currently leased to three tenants, LBO, Air France and Casino.
The transaction was achieved through a co-exclusive sale mandate with Strategies&Corp and CBRE. In this transaction, Invesco Real Estate was advised by Linklaters and the notary office 3 place des victoires in Paris. The buyer, Swiss Life Assurance et Patrimoine, was advised by Swiss Life Immobilier, K & L Associates, Wragge & Co.
