Invesco Real Estate has topped PropertyEU's ranking of cross-border investors by volume during the first six months of 2012. PropertyEU Research recorded just over EUR 1 bn of transactions by the London-based fund manager. The performance was largely due to two large deals on behalf of individual mandates in the first quarter.
Invesco Real Estate has topped PropertyEU's ranking of cross-border investors by volume during the first six months of 2012. PropertyEU Research recorded just over EUR 1 bn of transactions by the London-based fund manager. The performance was largely due to two large deals on behalf of individual mandates in the first quarter.
Those transaction propelled Invesco to first place in our Q1 ranking, and it retained the lead in the second quarter by investing some EUR 200-plus mln in Germany and Sweden in May.
The ranking is based on the transaction list updated daily by PropertyEU Research on the basis of known and estimated investment volumes for real estate deals throughout Europe, including the UK. As with Invesco, deals carried out for separate mandates are assigned to the investment manager in cases when the identity of a source of capital is not disclosed.
The investment company's largest deal was the acquisition in March of two trophy office properties in Paris for some EUR 600 mln on behalf of an unnamed Middle Eastern sovereign wealth fund. Both properties were sold by German fund manager KanAm's Grundinvest Fonds which are currently under liquidation.
Invesco invested EUR 200-plus mln in Germany and Sweden in May.
The second largest cross-border investor was Permodalan Nasional Berhad. The sovereign wealth fund invested some EUR 993 mln in London offices on operates on behalf of Bumiputera people in Malaysia.
US private equity firm Cerberus was just behind, having acquired a portfolio of 22,000 residential units in Germany for EUR 985 mln.
Qatar Investment Authority, another sovereign wealth fund, is placed fourth in the ranking, with an estimated investment volume of EUR 900 mln. The Qatar fund's largest transaction was the acquisition of the retail asset, 52-60 avenue des Champs Elysees for EUR 500 mln.
Deka Immobilien is in fifth place. The manager of German open-ended funds and Spezial funds carried out a string of deals totalling EUR 866 mln.
The two largest investors by overall volume were listed German real estate companies Patrizia and Deutsche Wohnen who carried out massive residential portfolio transactions. Patrizia led an institutional consortium in the acquisition of the 21,000-unit LBBW portfolio for EUR 1.4 bn. Two smaller residential deals brought the total to EUR 1.6 bn.
Deutsche Wohnen bought the 23,000 units of the Baubecon portfolio for EUR 1.2 bn.
