Invesco’s real estate arm has acquired a “landmark” trophy building development in Paris on behalf of two German pension funds for an undisclosed sum.
The investment comprises two luxury retail units occupied by Prada and Loro Piana, spread over a total of 5,400sqm.
The transaction was carried out on behalf of a joint venture between the firms’ German pension funds Bayerische Versorgungskammer and Nordrheinische Ärzteversorgung, which is administered by Universal-Investment Luxembourg.
William Ertz, senior director of fund management at Invesco, said: “The 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.”
The building is located in Rue du Faubourg Saint Honoré. According to Invesco it is one of the French capital’s most prestigious streets, known for its luxury brands and palace hotels.
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