Invesco Real Estate has bought a mixed-use asset in France鈥檚 capital on behalf of German pension funds Bayerische Versorgungskammer and Nordrheinische 脛rzteversorgung.
The global manager has paid an undisclosed sum to buy the two adjacent and connected buildings in Paris on behalf of a joint venture between the firms鈥� two German separate account clients. The 5,400sqm asset comprises the two luxury flagship retail units, offices and residential units.
Invesco said the asset is located at 6-12 Rue du Faubourg Saint Honor茅, in the 8th arrondissment.
Cristiano Stampa, Invesco transactions managing director, said: 鈥�6-12 Rue du Faubourg Saint Honor茅 is a very strong asset, benefitting from a prime location on one of the most prestigious Parisian streets, surrounded by luxury brands and palace hotels.
鈥淲e are confident that the asset could deliver significant long-term upside potential through active asset management initiatives.鈥�
William Ertz, Invesco senior director in charge of fund management, said: 鈥淭his transaction aims to adds further diversification benefits to our clients鈥� portfolio.
鈥淭he Paris market continues to play a big role in our European investment strategy and we are confident that, due to a global attractiveness on a long-term view, the high-end luxury retail sector should prove highly resilient.鈥�
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