Invesco spends EUR 75m in UK and France for German client

Invesco Real Estate announced on Tuesday that it has invested a total of EUR 75 mln in two deals in Scotland and France. Invesco carried out the investments on behalf of the iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer (BVK). Invesco has managed the fund since 2000.

In Edinburgh, Invesco acquired New Uberior House and Princes Exchange for EUR 65 mln from The Crown Estate. The centrally located Grade A office complex provides modern office space on the ground and five upper floors with a total combined space of 14,725 m².

The building was developed in 2000 and is let to the Bank of Scotland. There is 16.5 years remaining on the lease.

Jones Lang LaSalle acted for Invesco Real Estate.

In the second transaction, the fund's existing property Boigny sur Bionne in Orléans, approximately 130 km southwest of Paris, is to undergo a EUR 10.5 mln extension.

The project will increase the capacity of the logistics building by 20,000 m² to 62,000 m². The construction will be undertaken by Panattoni and the entire new site will be let to ND Logistics, who is already a tenant of the existing space. This will be as part of a new lease for a fixed period of nine years beginning at the delivery of the extension.