Invesco Real Estate has acquired a logistics property in Quer, approximately 55 kilometres to the northeast of Madrid in Spain, for €24.4 million ($37 million) for its Southern Europe fund.
The property, which occupies 29,000 square meters of space, was built in 2002 and is currently occupied by transportation company Conway, The Convenience Company under a long-term lease.
Fund manager, Karl Heinz Kronester, said in a statement: “Despite the uncertain economic outlook in Spain, there are still sensible real estate investments available in the current market environment. The closure of this transaction gives us confidence that Invesco Real Estate will be able to successfully forge ahead with its 2008-2009 acquisitions program, which foresees additional acquisitions of office and retail properties in the Spanish metropolitan areas.”
The fund was launched in 2000 and invests exclusively in France and Spain. It is aiming for a total volume size of €300 million. Taking the latest acquisition under consideration, the fund now holds 19 properties and has a total volume of close to €275 million.
Invesco Real Estate has five offices in Europe as well as offices in the US and Asia, and manages €21.4 billion of property assets, €7.7bn of which is in Europe. Its parent company, Invesco, is a global asset manager quoted on the New York Stock Exchange.