The buyer was German boutique investor, Luwin Real Estate Managers GmbH on behalf of a German pension fund.

The property presents strong value enhancement opportunities which Luwin intends to achieve via asset management, in parallel with new inner-city developments in Frankfurt, the company said.

Invesco sold the property as part of its core-focused European programme after buying Die Welle in Frankfurt for its open-ended fund last year.

Built in 2016 and acquired by Invesco in mid-2016 from Peakside, Neue Mainzer Straße 74+80 in Frankfurt - known as 'Ma’Ro' - comprises two properties totalling more than 13,000 m2. Around 70% of its gross leasable area is allocated to office and around 25% to retail. It is currently let to 16 tenants, with a weighted average remaining lease term (WALT) of 6.1 years.

Fabian Manegold, managing director of transactions for Germany, Austria and the Netherlands, at Invesco, said: 'We remain very convinced of the building quality and the great location potential of ‘Ma’Ro’, which will continue to develop in the coming years. The achieved sales price reflects this and we are of course pleased that we have encountered a very positive market environment with our asset.'

Jonathan Pierce, senior director, fund management at Invesco, said: 'The sale price represents excellent value for investors in our core programme.

'It also allows us to optimise our allocation to the German office sector, particularly with the recent closing of our Die Welle acquisition, and underscores the strength of, and confidence in, the prime Frankfurt market.'

LUWIN is a partner-operated investment boutique specialising in property investment and asset management services, based in Frankfurt.