Invesco Real Estate, which for nine years has been managing the institutional real estate fund iii-BVK Europa-Immobilien-Spezialfonds, has announced two major investments, one each in the UK and in France. On behalf of their client, Invesco has purchased the “New Uberior House and Princess Exchange” in Edinburgh. The property is described as a centrally located large ‘Grade A’ shared office complex over 158,500 sq ft of area over five floors. The ground floor of the building is retail space given over to a bank and a medical centre. The basement has a car park with a capacity to hold 175 vehicles. Invesco reportedly bought the property at 65m, or at about £55.7m.

The Bank of Scotland currently holds the lease on the property, which is valid for another 16 years. The building is located in the heart of The Exchange, the premier business district of Edinburgh. This strategic business location of the building alone makes it a great purchase. Besides, Edinburgh itself is the second largest city in the UK in terms of wealth creation, and is the fifth largest business centre in all Europe.

BVK is also investing 10.5m in expanding Boigny sur Bionne, an existing property near Orleans, France. The property is 43,000 sqm of warehousing complex leased to ND Logistics. The capacity expansion will add another 20,000 sqm of refrigerated space and 620 sqm of space with a load bearing capacity of eight tonnes per sqm. The additional space will be taken up by the current tenant, whose lease will be for a period of nine years from the time of completion of the expansion project.

This addition, with the inclusion of a rail link from the property to the main line, will definitely add value to the property, believes Bettina Knirsch, the Fund Manager for BVK.

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