Invesco looks for partners to build UK resi presence

Invesco Real Estate is looking for partners to help it develop a UK residential portfolio.

Invesco, which is an experienced residential investor in the US, hired John German from Grosvenor earlier this year to implement the new European strategy.

“We are in discussions in the UK with a number of potential partners,” said German.

Invesco’s debut residential buy is the 21-storey Westside tower near Frankfurt, bought for €62m
Invesco’s debut residential buy is the 21-storey Westside tower near Frankfurt, bought for €62m

“We are looking at the outer London zones and major conurbations. The fundamentals have reached a point where they are resonating with UK pension funds and other investors.”

The investment manager is also considering residential investment in the Netherlands and Sweden.

It has just made its first acquisition in Germany, a development at Europaviertel to the west of Frankfurt.

Invesco is paying around €62m to forward-purchase 21-storey Westside Tower for a club of German institutional investors who have an initial investment target of €250m in the housing sector.

Westside will have 248 flats, retail and a day care centre. Swiss company Revitalis Real Estate is the developer.

Invesco has a second deal lined up with the same company in Dresden and is reviewing others in Berlin, Düsseldorf, Hamburg and Freiburg.

 

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