Invesco Real Estate said on Thursday that it has exchanged contracts on a prime office asset in Paris to La Française Real Estate Managers on behalf of one of its clients.
Although financial details were not disclosed, Invesco said that the deal crystallizes strong outperformance for investors in its European core programme.
‘173 Boulevard Haussmann epitomises Invesco’s approach to its manage-to-core programme,’ commented Jonathan Pierce, senior director - fund management at Invesco. ‘The award-winning development was pre-leased to an institutional grade covenant for 12 years, setting a new benchmark for Paris rents at the time. After five years, and following the approach, we have chosen to redeploy capital, as ever focussed on forward performance and the right balance of risk adjusted returns for our investors.’
The 11,100 m2 asset is located in Paris’ 8th arrondissment, in the central business district of Paris, 400m from the Place de l’Etoile and the Champs-Elysées. Acquired by Invesco in 2015, it is let to investment bank Lazard, on a 12-year lease.
Following the acquisition in 2015, Invesco undertook a 24-month refurbishment programme, developing a best-in-class office asset which retained the building’s Hausmannian exterior with a thoroughly modern interior.
Cristiano Stampa, managing director - transactions, at Invesco, commented: ‘The exceptional quality and the great location of 173 Boulevard Haussmann means it will continue to develop in prominence over the coming years. The achieved sales price reflects this quality and momentum, as well as the strength of the Paris market, despite the effects of Covid-19 still being felt in France and across Europe.’
