Invesco pays €789m for Paris office asset

In its largest-ever European asset transaction, investment manager Invesco Real Estate has paid €789 million ($924 million) for Capital 8, a 484,000-square-foot office building in the heart of the central business district of Paris.

The seller was Unibail-Rodamco-Westfield.

This transaction is subject to standard conditions precedent and is expected to close in the fourth quarter of 2018.

Following the refurbishment program in 2016, the building is now fully let.

This transaction is part of the €3 billion ($3.5 billion) of disposals to be made by Unibail-Rodamco-Westfield during the next several years as part of its previously announced European asset rotation program.

Approximately €3.7 billion ($4.33 billion) of property traded hands in France during first quarter 2018, 5 percent higher than the transaction volume recorded during the same period the previous year, according to Knight Frank.

Approximately €2.8 billion ($3.28 billion