Invesco Real Estate today announced a 拢98m (鈧�109.5m) forward funding build-to-rent (BTR) project investment in England鈥檚 West Midlands region and the acquisition of a high-street retail asset in Paris.
The manager said the 484-unit BTR project in Birmingham, known as Holloway Head, is being developed in partnership with High Street Residential and the construction of the first phase, a 17-storey building, is expected to begin later in 2019.
John German, managing director 鈥� residential investments at Invesco Real Estate, said: 鈥淏irmingham is our third major UK regional city of investment following our commitments in Liverpool and Manchester.
鈥淎dding Birmingham to our growing portfolio is a great next step due to its positive market outlook, growing reputation as a business destination and positive rental growth outlook.鈥�
German said Holloway Head marks the 12th asset in Invesco鈥檚 UK Residential Fund, bringing its assets under management to around 拢580m and approximately 2,279 units across the UK.
Gary Forrest, chairman of The High Street Group of Companies 鈥� which includes the specialist BTR platform, High Street Residential 鈥� said: 鈥淏irmingham is undergoing significant regeneration and represents a great place to invest.
鈥淟ocal demand for professionally managed, purpose-built rental accommodation is rising quickly and in response, we are creating high-quality living spaces, future-proofed through the use of the latest smart technologies.鈥�
Invesco has also bought an 860sqm store located 53 avenue Montaigne from a private vendor for an undisclosed sum.
The retail asset is located within Paris鈥� exclusive 鈥淕olden Triangle,鈥� one of the most sought-after luxury retail districts in the city and is currently leased to luxury brand Saint-Laurent, the manager said.
Cristiano Stampa, managing director 鈥� transactions at Invesco Real Estate, said: 鈥淣ot only is this a fantastic trophy asset, located on one of the most prestigious streets surrounded by much sought-after global luxury brands in arguably the world鈥檚 top luxury shopping destination, it also offers significant long-term upside potential.
鈥淲hile it鈥檚 true that high streets around the world continue to face serious headwinds, luxury retail in the most exclusive locations is a resilient niche thanks to global attractiveness to wealthy individuals, especially from Asia and the Gulf region.鈥�
