Invesco Real Estate spends EUR 80m in Germany and Spain
09.03.2010
Invesco Real Estate announces that it has secured two additional assets for a pan-European fund in Munich, Germany and Madrid, Spain for a total investment of some EUR 80 million.
The German property, “Renaissance House” is an attractive landmark office building comprising c.13,900m2 of office space and underground parking. The property is located in Arnulf Park, to the west of the Munich CBD, and an area which is currently benefiting from a large redevelopment project. Renaissance House was originally built in 1902 and, since a substantial refurbishment in 2003, it benefits from quality historical architecture complimented by modern facilities including excellent technical specifications and flexible floor plans. The property currently has six tenants including Apple, Towers Perrin and Sparda Bank. Munich is one of Germany’s strong economic centres and the investment provides a good opportunity to benefit from the substantial redevelopment of this inner city area.
The second acquisition in Leganes, a prime logistics location 18km south of Madrid, is two logistics properties with a total space of c.34,969m2. The modern warehouses were constructed in 2008 and designed to the highest specifications. They are let to institutional tenants, Bodybell, a health and beauty retailer, and Norbert Dentressangle, a transport and logistics company, on lease terms above the market norm. Leganes is considered a prime location as it is adjacent to the M50, the ring road around Madrid, and offers ease of access, via the A2 and A4, to the south of Spain.
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