Invesco, Scius acquire first Nordic asset for German client

Invesco Real Estate and Scius Partners have made their first acquisition in the Nordic region since announcing a partnership agreement at the end of 2007. Invesco said Molnvik Retail Park, a 16,500 m² property in the Varmdo area of Greater Stockholm, was acquired for EUR 40mln on behalf of iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer, which Invesco Real Estate has managed since 2000.

Invesco said the buildings in the retail park are either newly built or still under construction and are leased to nine well-known local tenants on average lease terms of 10 years.

Andy Rofe, managing director, Invesco Real Estate in Europe commented: 'I am delighted that the relationship with Scius Partners is bearing fruit. This is a good first step for Invesco Real Estate expanding its cross-border reach and service to our clients in this region. We look forward to making further acquisition announcements in this area in the near future.'

Scius Partners was founded in Stockholm last September by Joen Siggelin, formerly of Invesco, Per Johannesson, and Mikael Freudmann as a local partner for international players investing in the Nordic and Baltic real estate markets. Freudmann said: Molnvik Retail Park is a high quality asset and represents an excellent starting point for our long-term relationship with Invesco Real Estate.'