Invesco Real Estate sells prime mixed-use asset in Paris

Invesco Real Estate has sold a mixed-use prime asset in central Paris to Netherlands-based INGKA Investments, part of Ingka Group. Ingka Group is a strategic partner in the IKEA franchise system, operating 381 IKEA stores in 30 countries.

The building, located at 144 rue de Rivoli in the 1st district of Paris, was part of a €1.7 billion ($2.0 billion) pan-European portfolio for Invesco’s long-standing German pension fund client Bayerische Versorgungskammer (BVK). The sale price, which remains undisclosed, contributes positively to the portfolio target IRR and reflects the prime location and quality of the asset.

144 Rivoli, acquired by Invesco in October 2012 as part of a forward funding purchase, is an office and high street retail mixed-use building with 6,700 square meters (72,000 square feet) of gross leasable area situated in a prime location close to the Louvre. The asset underwent a significant refurbishment program in 2012 to 2013.

Cristiano Stampa,