Malaysian pension fund continues to expand European presence
The Malaysian pension fund Employees Provident Fund has purchased another Paris-based office for its European portfolio. Invesco Real Estate represented the pension fund in the €215 million ($242.64 million) acquisition. The seller was AEW Europe.
The property, known as the Espace Lumiere, is located in the Western Crescent, a submarket of Paris. The six-building office property totals 306,709 square feet and is occupied by 100 percent by Canal+ Group.
Earlier this year, Invesco Real Estate on behalf of EPF purchased the 249,208-square-foot Tour Prisma in Paris from Ivanhoé Cambridge. The sales price was €162.74 million ($219.5 million).
Invesco Real Estate is also purchasing a separate four-property portfolio on behalf of EPF from AEW Europe. The portfolio is called the AEW German office portfolio 2014, and it totals 398,268 square feet. Real Capital Analytics lists the sales price to be approximately €397.5 million