European Transactions Director Paul Joubert told the BusinessImmo portal recently that France remains the first country in termsof capital disposition, concentrating 36% of assets by valuefollowing its sale of the Triangle of L'Arche of La Défense, anasset of around 37,500 square meters for a price that marketspecialists place at around €300 million. Investment last yearcompared to around €600 million of acquisitions in 2008 and €1.2billion in 2007. One of the more recent signings was a deal to buythe Radisson Blue Hotel in Hamburg for €155 million.

The group acquired two properties in France at end-2009 for atotal of €145 million: City One in Lyons for €60 million – and thebiggest transaction on the French regional market in 2009 – and anoffice at 148 Rue de l'Université in Paris from the UK's Hammersonvalued at €85 million on behalf of a US discretionary portfoliomanager. Its most recent signing in January was a €37 million dealfor a retail and office building in a prime location on Avenue desChamps-Elysées in Paris, earmarked for a pan-European fund.

Joubert said Invesco Real Estate halted investment in December2007 after completely allocating capital from the funds it manages.It concentrated instead on integrating the team, recruiting, andasset management - renegotiating leases and remarketing someassets. It restarted investment early last year.