Global investment managers Invesco Real Estate (IRE) have announced the successful acquisition of two prime French assets for October 2012.
The properties include a 6,750 sq m mixed-use retail and office complex at 144 rue de Rivoli in central Paris, as well as 35,000 sq m retail centre Alpha Park 2 in Clayes-Sous-Bois, purchased for a total of approximately €200m.
The moves form part of IRE’s 2012 strategy to invest heavily in retail property, which is expected to produce strong yields over the long-term.
Paul Joubert, IRE Managing Director of Transactions in Europe, said: “Although we have always had allocations to retail, since late 2011 we have increased our focus to this sector and will continue in 2013 as we strongly believe that it should offer attractive long-term returns for our clients.
This concerted effort has meant we have been able to access some of the best quality, including some rare, investment opportunities available in the marketplace, the majority of which have been off-market due to our established local contacts.”
IRE have invested €870m in mixed-use and retail property across Europe over the past 18 months, with the firms retail portfolio expected to grow to 20% of its total managed assets by the close of 2012.
The purchase of these latest assets brings IRE’s total investment in European real estate to €1.4bn in 2012.