Invesco, Ciloger Buy German Retail Portfolio
Invesco Real Estate and Ciloger have acquired a 10-property portfolio of new retail assets in western Germany for approximately €218 million. The 100,000-square-metre portfolio was acquired on behalf of Ciloger’s clients — seven French institutional investors, comprising three life insurance companies, three pension funds and one mutual fund.
The properties are located in Büdelsdorf, Hanau, Heiligenhaus, Idstein, Kehl, Mannheim, Mühlheim, Peine, Soltau and Wolfsburg.
In other news, Invesco Real Estate has acquired a hotel in Hannover on behalf of its first hotel fund. With the acquisition of the Novotel Hannover, a 206-room four-star business hotel, the fund is now completely invested, with 17 hospitality assets. Invesco Real Estate now plans to launch a second hotel fund in early 2011.