Invesco Real Estate, the global cross-border property investment manager, has sold two office properties in the UK totalling about £48 mln (EUR 56 mln) on behalf of its client, the iii-BVK Europa-Immobilien-Spezialfonds, to Aviva Investors and Orchard Street Investment Management.
Invesco Real Estate, the global cross-border property investment manager, has sold two office properties in the UK totalling about £48 mln (EUR 56 mln) on behalf of its client, the iii-BVK Europa-Immobilien-Spezialfonds, to Aviva Investors and Orchard Street Investment Management.
The transactions include 17 Quay Street in Manchester and 125 Wood Street in the City of London, which were both purchased by BVK in 2001 and 2005, respectively. iii-BVK Europa-Immobilien-Spezialfonds is an institutional real estate fund of Bayerische Versorgungskammer (BVK), which Invesco Real Estate has managed since 2000. This property was acquired by Aviva.
The Manchester property in Quay Street is a six storey, 59,200 sq ft office building with basement parking and is currently fully let to Direct Line Insurance on a long-term lease. Manchester is one of the largest financial centres in Europe and the property is located close to Spinningfields, a large business, retail and residential development in the city centre’s western district.
The second property in Wood Street, in the City of London, is a 44,498 sq ft office building which is currently fully let to Dresdner Bank, now part of Commerzbank. The property is located close to Cheapside, the Bank of England and St Paul’s with its selection of retail outlets, restaurants, bars and excellent transport links. This property was purchased by Orchard Street IM.
