Invesco Real Estate announced on Monday that it has secured two additional assets in Munich and Madrid for a pan-European fund for a total investment of about EUR 80 mln. The pan-European fund has raised an additional EUR 61 mln of new capital from two new clients and Invesco Real Estate has transacted over EUR 410 mln in 10 acquisitions across all of its mandates since the beginning of 2010.
Invesco Real Estate announced on Monday that it has secured two additional assets in Munich and Madrid for a pan-European fund for a total investment of about EUR 80 mln. The pan-European fund has raised an additional EUR 61 mln of new capital from two new clients and Invesco Real Estate has transacted over EUR 410 mln in 10 acquisitions across all of its mandates since the beginning of 2010.
The German property, Renaissance House is a landmark office building comprising 13,900 m2 of office space and underground parking. The property is located in Arnulf Park, to the west of the Munich CBD, and an area which is currently benefiting from a large redevelopment project. Renaissance House was originally built in 1902 and, since a substantial refurbishment in 2003, it benefits from quality historical architecture complimented by modern facilities including excellent technical specifications and flexible floor plans.
The property currently has six tenants including Apple, Towers Perrin and Sparda Bank. Munich is one of Germany’s strong economic centres and the investment provides a good opportunity to benefit from the substantial redevelopment of this inner city area, Invesco said.
The second acquisition in Leganes, a prime logistics location 18km south of Madrid, involves two logistics properties with a total space of about 34,969 m2.