London, November 3 2020
Invesco Real Estate (Invesco), the global real estate investment manager, today announces that it has completed the acquisition of a mixed-use asset located in a premium luxury retail address in Paris. The transaction has been carried out on behalf of a joint venture between the firms’s two German separate account clients, pension funds Bayerische Versorgungskammer (BVK) and Nordrheinische Ärzteversorgung (NAEV), whose fund is administed by Universal-Investment Luxembourg.
The two adjacent and connected buildings comprising of c. 5,400 sqm, are located at 6-12 Rue du Faubourg Saint Honoré, in the 8th arrondissment. The area is renowned for high-end retail and upmarket assets, home to global fashion houses, luxury hotels, prime offices, embassies and governmental buildings, including the presidential Élysée Palace.
Cristiano Stampa, Managing Director - Transactions, at Invesco, comments: ”6-12 Rue du Faubourg Saint Honoré 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. We are confident that the asset will deliver significant long-term upside potential through active asset management initiatives.”
6-12 Rue du Faubourg Saint Honoré comprises offices, residential units and the two flagship retail units of Prada and Loro Pinana with significant visibility, boasting a 25m façade and a total of 2,000 sqm of retail space. The asset benefits from stable long-term income, with the majority of the rent generated by the two luxury brands tenants.
William Ertz, Senior Director – Fund Management, at Invesco comments: “This transaction adds further diversification benefits to our clients’ portfolio. The Paris market continues to play a big role in our European investment strategy and we are confident that, due to a global attractivness on a long-term view, the high-end luxury retail sector will prove highly resilient.”
“We’re delighted to realise this prime acquisition on behalf of two key clients who are again working together in a joint venture structure. We see this as the strength of Invesco’s strong client-focused offering and our unparalleled knowledge of the Paris market,” concludes Steffen Pilopp, Managing Director – Fund Management at Invesco.
6-12 Rue du Faubourg Saint Honoré is the latest in a series of high profile transactions in Paris over the past year, including the luxury retail asset located at 53, Avenue Montaigne, the office building site in Saint-Denis and the logistics development facilities located in the vicinity of the capital.
On this transaction, the advisers to Invesco were Archers, Victoires notaires Associés, Jeantet, Arsene Taxand, Eight Advisory, Theop and Cushman & Wakefield.
Invesco Real Estate completes the acquisition of an exceptional trophy asset in central Paris, on behalf of a joint venture between Bayerische Versorgungskammer (BVK) and Nordrheinische Ärzteversorgung (NAEV)
The c. 5,400 sqm asset comprises the two luxury flagship retail units of Prada and Loro Piana, offices and residential units
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed US$1.1 trillion in assets on behalf of clients worldwide as of 30 June 2020. For more information, visit Invesco.com. NYSE: IVZ.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with US$79.8 billion in real estate assets under management, 571 employees and 21 regional offices across the U.S., Europe and Asia. Invesco Real Estate has been actively investing across the risk-return spectrum, in direct real estate strategies such as core, debt, value-add and opportunistic as well as publicly-listed real estate securities since 1992. In Europe, Invesco Real Estate has eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw, and 171 employees. It manages 171 assets across 15 European countries and with assets under management of US$14.6 billion.
About Bayerische Versorgungskammer
Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.4 million insured persons in total, with contributions of € 5.0 billion and about € 3.6 billion pension payments annually. It currently has € 81.7 billion assets under management and more than 1,350 employees.
With fund assets of around EUR 598 billion under administration, thereof EUR 409 billion in own vehicles and around EUR 189 billion in, inter alia, insourcing, well over 1,500 mutual and special investment mandates and a workforce of around 750, Universal-Investment is the largest independent investment company in the German-speaking region. With the acquisition of UI labs in January 2019, the industry-leading IT data specialist now completes the Group’s service portfolio by adding front office and data solutions. The investment company is the central platform for independent asset management and unifies the investment know-how of portfolio managers, private banks, asset managers and investment boutiques. Founded in 1968, the Universal-Investment Group is headquartered in Frankfurt/Main and has subsidiaries, branches and holdings in Luxembourg, Poland and Austria. It is one of the pioneers of the investment industry and has meanwhile become the market leader in the areas of master-KVG and private label funds. According to the 2020 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Part-ManCos, Universal-Investment ranks second (as of September 30, 2020).