Invesco and AEW sell retail portfolio for €240m

Redos Real Estate, who works with equity from Union Investment, has plans to buy Bordeaux Portfolio for €240 million ($280 million), according to local media reports. The sellers were Invesco Real Estate and AEW.

Bordeaux Portfolio consist of 10 retail parks located in Germany, specifically in Kehl, Mannheim, Wolfsburg, Heiligenhaus, Büdelsdorf, Idstein, Peine, Soltau, Mülheim ad Ruhr and Hanau.

The deal is reportedly certified, but not yet closed (transfer of ownership, payment of the purchase price).

Invesco acquired the properties in 2011 with the fund manager Ciloger for a French institutional investor group consisting of three life insurance companies, three pension funds and an investment fund for €218 million ($254 million) from HBB. In October 2016, Ciloger merged with AEW Europe.