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Real IS buys Invesco’s ‘Prime Four’ for €300m special AIF

Real IS has acquired a four-asset residential portfolio in central locations in Berlin, Dresden, Frankfurt and Cologne from investment manager Invesco Real Estate.

The price has been withheld but the 69,400 sq m portfolio, dubbed The Prime Four, was acquired for a newly launched open-ended real estate special AIF with €300 million equity in what Real IS says is the largest asset deal in the company’s history. The four properties are virtually fully let. All were built in 2015 and 2016 and comprise 760 residential and 32 commercial units in total. Residential space comprises 57,400 sq m and residential units averaging 75 sq m apiece.

The Prime Four include: the 21-storey high Westside Tower in Frankfurt (pictured) which has 244 residential units; Prager Carrée, Dresden, which has 24,000 sq m on six storeys with 241 units; Quartier Alexander, Berlin which has 3,300 sq m of offices and 190 residential units; and Merheim Ensemble in Cologne comprises six buildings with 85 residential units.

“Our fund focuses on stable residential investments which, in the context of our investment strategy for the fund, enables us to target sustainable profitability and a balanced tenant structure, along with regional distribution by location and size,”said Real IS’s head of client renaltions and capital funding Tobias Kotz.

BNP Paribas Real Estate brokered the deal.