Invesco Real Estate, the property management arm of UK asset manager Invesco Perpetual, has made the first investment in its joint venture with Scius Partners, purchasing a retail park in Greater Stockholm for €40 million ($63 million).
Scius was formed in October of last year by former Niam professionals, and essentially acts as the acquisition team for Invesco, based in Stockholm. Through Scius, Invesco has acquired the Mölnvik Retail Park, a 16,500 square meter property in the Värmdö area of Greater Stockholm. The purchase was made for iii-BVK Europa-Immobilien-Spezialfonds, an institutional real estate fund of Bayerische Versorgungskammer, the Bavarian pension fund. Invesco has managed that fund since 2000.
Last week Invesco made its first hotel purchase in the UK, acquiring the Patio Hotel in Aberdeen, Scotland, for around €44 million with its hotel vehicle. This latest acquisition brings that fund’s total commitments and investments to €460 million, equivalent to over 50 percent of the fund's total capital.
In 2007 the firm beefed up its European team when Marc Socker and Keith Evans joined the London office. Socker joined as acquisitions manager from the corporate finance team of global property services firm DTZ, while Evans joined as an analyst from Spanish consultancy EuroPraxis Consulting. Alexander Taft was also appointed head of investment structuring in Germany, in charge of cross-border operations. Invesco Real Estate now has five offices in Europe as well as offices in the US and Asia, and manages €21.4 billion ($33 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.