Invesco Real Estate sells office tower in Paris

Invesco Real Estate has sold Prisma Tower, a 248,000-square-foot office asset located in La Défense, to AEW Ciloger on behalf of several of its consumer funds — SCPI and OPCI.

The sales price was not disclosed.

Invesco Real Estate bought the property in 2014, the first of six European assets acquired on behalf of a dedicated Asian mandate, two of which have already been sold. The Prisma Tower was delivered in 1998 and renovated in 2011, it is rented in full to four tenants.

“The market has recovered more quickly than anticipated, demonstrating our ability to select the best assets at the right time and manage them during a market cycle. Our local teams will continue to manage the rest of our client’s portfolio in France and Germany while seeking new investment opportunities,” said Cristiano Stampa, senior director – France, Belgium and Southern Europe transactions at Invesco Real Estate, in charge of transactions.