Invesco Real Estate (IRE), the real estate arm of Invesco, has completed the acquisition of Frascati, a 102,000 sqft shopping centre, fully-leased with multiple strong tenants located in Dublin.
The property has been acquired from a private investor and the transaction includes planning permission for a 68,000 sqft extension. No financial details have been disclosed.
Bert Crouch, IRE’s senior director, structured investments, commented : “This is a remarkable asset which complements the strategy’s portfolio well and supports our objective to increase our opportunistic exposure in Europe. Frascati is an exciting project as we intend to further develop the property through the introduction of greater leisure content, and improve the overall presence and connectivity of the centre over the next 24 months.”
Chris Brassington, IRE’s director, fund management Europe, said : “We are delighted with our first acquisition in Ireland as the asset demonstrates attractive performance characteristics for a stabilised centre with the opportunity for significant value creation via the extension project and overall improvement works. We are working with a best-in-class local operating partner, Burlington Real Estate, to achieve this as they have extensive knowledge and track record in the Irish retail market.”
Invesco Real Estate has globally $62.1bn (€55.6bn) in assets under management, of which European assets account for $7.2bn (€6.4bn).
In Europe, IRE manages 129 assets across 12 countries.