Invesco Real Estate (Invesco), global real estate investment manager, and RedTree Capital, private real estate fund manager, has acquired through a joint venture acquisition 29,400 sqm Tour Cédre.
In this acquisition, Archers, UGGC, Clifford Chance and Etude Notariale Vachon acted for Invesco Real Estate and RedTree Capital. The asset was acquired from WestInvest InterSelect, a German open-ended real estate fund, advised by JLL.
The property is situated in the growing and attractive market of La Défense, a major business district in Paris.
Cristiano Stampa, senior director – Transactions at Invesco commented: “Tour Cédre offers opportunity for Invesco to acquire a mid-sized tower and in a location which is seeing increasing demand. Our co-investment partnership with RedTree Capital who will be working in Paris to deliver value creation opportunities during the hold period of this actively managed asset.”
Kevin Grundy, managing director – Fund Management, Higher-Returning Strategies at Invesco added: “ We look forward to utilising our 30 years of value-add experience as well as RedTree Capital’s value-add experience to turn Tour Cédre into a truly exceptional asset in the local market and, ultimately, potentially increasing the performance returns for our higher-returning strategies.”