Invesco Real Estate signs its largest single asset deal in Europe
Invesco Real Estate (Invesco) has exchanged contracts to acquire Capital 8, a 45,000 sq m modern office building on a 1-hectare site in Paris’s CBD for EUR789m from Unibail-Rodamco-Westfield. The final closing of the transaction is due to take place in Q4 2018.
Andy Rofe, Managing Director, Europe at Invesco, says: “The acquisition of Capital 8 marks a milestone for Invesco Real Estate as the largest single European asset deal in our history. Capital 8 fits our desire to acquire assets where we can create the environment that satisfies the changing needs of current and future occupiers. It is an iconic building with the flexibility to allow us to “place make” - by shaping the micro-location through the asset’s size, dominant position and strong exposure in the heart of Paris’s 8th arrondissment, the main economic centre of the city. The landmark building, close to the Champs Elysees, occupies a freehold 1-hectare site.”
Capital 8 is fully let to 17 Grade A tenants. The complex, recently renovated in 2016, covers 11 floors in four interlinked buildings with over 500 parking spaces across five underground levels. Its amenities include an unrivalled level of services for such a location including a wellness and fitness centre, three restaurants and conference facilities. In addition, Capital 8’s green credentials include two inner landscaped courtyards and 5,800 sqm of green space, as well as sustainable efficiency recognised through its BREEAM certification.
Cristiano Stampa, Senior Director – Transactions for France, Belgium and Southern Europe at Invesco, says: “Due to its scale and layout, our ambition for Capital 8 is for the property to become a placemaking business centre in Paris’s CBD and provide today’s tenants with a workplace and space that meets their needs. From an investment perspective, our planned initiatives are aimed at delivering a stable, diverse income for our investors as well as NOI growth for our investment strategy.”
In this acquisition, Linklaters, Victoires Notaires Associés, Archers, PwC, Deloitte, Humakey and Artelia advised Invesco Real Estate. The seller, Unibail-Rodamco-Westfield, were advised by BNP Paribas Real Estate and Jones Lang Lasalle, Maître François Thomé, SCP Ginisty & Associés and Lacourte Raquin Tatar.