Invesco Real Estate is planning a major drive into the European private rented residential sector.
The global real estate investment manager has hired former Grosvenor residential fund manager John German to launch and expand its residential activities in Europe, as revealed by EGi on Thursday.
Despite managing more than $50bn (£33bn) of real estate globally, including significant residential portfolios in the US and Asia Pacific, Invesco does not own any residential in Europe.
Andy Rofe, managing director of Invesco Real Estate, said: “As the firm is already dominant in multi-family in the US and has a strong presence and track record in this space in Asia Pacific, the timing was therefore right to bring this considered investment philosophy to Europe.
“Given the increased focus on this sector, which is welcomed by the European institutional market, this is an important step towards providing a truly global service to our existing clients and the prospects we are currently talking to.”
Invesco’s proposed expansion comes as institutional interest in the UK PRS builds.
Earlier this month, PRUPIM bought a £105.4m portfolio from Tony Pidgley’s Berkeley Group. And in January, APG Strategic Real Estate Pool teamed up with Grainger to create a £349m PRS fund.
Prior to Grosvenor, German worked at Aberdeen Asset Management and was a partner at agency Cluttons. His track record includes raising, investing and managing more than £200m across two PRS funds.
He will be based at the global real estate firm’s offices at 43-45 Portman Square, W1, working with the fund management, asset management and research teams.
annabel.dixon@estatesgazette.com
