IRE acquires office in Prague for German pension fund

Invesco Real Estate (IRE) has acquired an office building in the central business district of Prague for the German pension fund Nordrheinische Ärzteversorgung. The financial details were not disclosed.

The Andel City property is the second asset purchased by Invesco in recent weeks for the pan-European separate account it manages on behalf of the pension fund for medical professionals in North Rhine-Westphalia. IRE plans to acquire further office and retail properties in core European capital cities for the pension fund which has AUM of EUR 10 bn.

Andel City provides 4,200-m² of office space over five floors, 31 parking spaces as well as a ground floor conference centre for the adjacent Angelo Hotel in Prague. The property is fully let and the tenants include shipping giant Maersk and financial group UBS.

IRE was advised by Cushman and Wakefield.

In late June IRE purchased a 45,300-m² logistics property at Torsvik Logistics Park in the southern Swedish city of Jönköping for EUR 33 mln for the separate account.

IRE manages 128 assets across 13 countries in Europe valued at EUR 3.7 bn. Globally, the company has EUR 28 bn of assets under management.