Invesco Real Estate, the global real estate investment business of Invesco, has sold a 73,500 m2 Hainichen logistics asset, which it completed in December 2022 and is fully let to a major German retailer, to a fund managed by Hines. Financial details were not disclosed.
The sale was transacted on behalf of Invesco’s European Value Add Fund II (EVAF II).
The disposal is EVAF II’s first exit in Germany and second overall. EVAF II is the second fund in a series by Invesco Real Estate dedicated to pan-European value-add investment. It aims to deliver superior risk-adjusted returns through intensive asset management, creating stabilised assets for sale into core markets. With flexibility to invest across all sectors, the underlying strategy focuses on micro-locations with the greatest demand from tenants.
Located between Dresden and Chemnitz in Saxony, Hainichen was initially acquired in early 2021 and developed in partnership with Fuchs Immobilien GmbH & Co. KG.
Felix Richter, director and co-head of Transactions Germany, Invesco Real Estate, said: 'This sale of our Hainichen asset showcases the very best of our European value-add strategy. We see continued interest from our investors for such a dedicated approach, particularly at a time when sustainability-led assets continue to attract capital flows and we remain committed to additional transactions when appropriate.'
Kevin Grundy, managing director, Fund Management at Invesco Real Estate, said: 'The foundation of the investment performance was prudent underwriting and a structure that created alignment amongst the parties. The disciplined execution of the business plan ultimately created outperformance for our investors.'
Colliers brokered the deal.
