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Invesco Real Estate, the global real estate investment arm of Invesco Ltd. (NYSE: IVZ) with $85 billion in assets under management, has sold the mixed-use Stara Celnice property in the centre of Prague to the locally based Fio Real Estate Fund (the real estate investment arm of Fio Bank) in an off-market transaction.
We took advantage of an opportune time for this strategic divestment, as mixed-use core properties are currently in high demand among Czech investors, especially as such high-quality buildings rarely come onto the market.
The sale was carried out for an individual mandate managed by Invesco Real Estate for Bayerische Versorgungskammer (BVK), a long-standing customer and Germany's largest public supply group. In addition, BVK is currently the company's largest single mandate in Europe.
The Stara Celnice property is located on the Namesti republiky, one of the main squares in Prague's Old Town. Two thirds of the gross lettable area of 11,400 m² consists of first-class, fully let office space and one third of retail space. The property was completely renovated in 2002 and acquired by Invesco Real Estate in 2013.
Invesco Real Estate has extensively renovated the office space and invested around 8 million euros to turn the property into a first-class property.
Tomas Picha, Senior Director – Transactions, Central & Eastern Europe at Invesco Real Estate, said: "We have taken advantage of an opportune time for this strategic divestment, as mixed-use core properties are currently in high demand among Czech investors, especially as such high-quality buildings rarely come onto the market. This allowed us to sell at a premium. Following this successful transaction, we hope to make further investments in Prague and will continue to look for new investment opportunities in this dynamic market."
Steffen Pilopp, Managing Director - Fund Management at Invesco Real Estate, said: "We have been able to achieve a sales price that is above the appraisal value in the context of the acquisition review and the assumptions of the current business plan. This disposal will therefore have a positive impact on the IRR of the mandate in 2025. The successful transaction underlines the ability of the Invesco team to generate solid long-term returns through active asset appreciation."
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About Invesco Ltd.
Invesco Ltd (Ticker NYSE: IVZ) is a global, independent investment management company dedicated to providing people with an investment experience that helps them get more out of their lives. With offices in more than 20 countries, our investment teams offer a full range of active, passive and alternative investment opportunities. As of December 31, 2024, Invesco had $1.8 trillion in assets under management for clients worldwide. For more information, visit www.invesco.com/corporate.
About Invesco Private Markets
Invesco has global expertise and extensive resources in the private markets space. With our global investment platform and $135 billion in real estate and private credit assets under management, we offer our investors both scale and deep expertise with over 600 investment professionals in 16 countries and over 40 years of innovative experience as of December 31, 2024.
About Invesco Real Estate
Invesco Real Estate is one of the world's leading real estate investment firms, with €78.8 billion in real estate assets under management, 606 employees and 21 regional offices in the US, Europe and Asia. For over 40 years, Invesco Real Estate has been actively investing across the risk/reward spectrum in direct real estate strategies such as core, debt, value-add and opportunistic, as well as in listed real estate assets for over 400 institutional clients. Invesco Real Estate employs over 187 people in Europe in eight offices in London, Munich, Milan, Madrid, Paris, Prague, Luxembourg and Warsaw. Invesco Real Estate manages 205 properties in 14 European countries with assets of EUR 15.8 billion. The team has a wealth of experience across all three commercial sectors as well as hotels and residential real estate as of September 30, 2024.
About the Bayerische Versorgungskammer
As the largest public-law pension group in Germany, the Bayerische Versorgungskammer is a service and competence centre for professional and municipal pension schemes. It manages the business of twelve legally independent professional and municipal pension schemes with a total of around 2.7 million insured persons and pension recipients, approx. €6.0 billion in annual contribution and pay-as-you-go income and around €4.5 billion in annual pension payments. It currently manages an investment volume of around €117.0 billion (market value) for all institutions combined. Bayerische Versorgungskammer employs over 1,620 people and has been a signatory of the Diversity Charter since 2010, a signatory of the UN Principles for Responsible Investment (PRI) since 2011 and a signatory of the Memorandum for Women in Leadership since February 2017. It became a member of the Global Real Estate Sustainability Benchmark (GRESB) in March 2020, joined the Net-Zero Asset Owner Alliance in May 2021 and the ESG Data Convergence Initiative (EDCI) in October 2023.
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Risk Disclosures
The value of investments and the income from them are subject to fluctuations. This may be partly due to changes in exchange rates. It is possible that investors may not receive back the full amount invested when they return their shares. Real estate and land can be difficult to sell, so investors may not be able to sell such investments when they want to. The value of real estate is usually estimated by an independent appraiser and may not be realizable.
Important information
This marketing communication is intended for trade media only. This is marketing material and not investment advice. It is not intended as a recommendation to buy or sell any particular asset class, security, or strategy. Regulatory requirements requiring the impartiality of investment or investment strategy recommendations are therefore not applicable, nor is the ban on trading prior to their publication. Views and opinions are based on current market conditions and are subject to change at any time.
Data as of April 10, 2025, unless otherwise stated.
This document is published in Germany and Austria by Invesco Real Estate Management S.a.r.l., President Building, 37A Avenue JF Kennedy, L-1855 Luxembourg, supervised by the Commission de Surveillance du Secteur Financier in Luxembourg, and in Switzerland by Invesco Asset Management (Switzerland) AG, Talacker 34, 8001 Zurich.
EMEA 4371496/2025
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