Generali Real Estate acquires two prime office buildings in Paris and Brussels
Generali Real Estate has completed, on behalf of two Generali Group entities, the acquisition of a two-asset portfolio located in Paris and Brussels from GLL Real Estate Partners, a German real estate fund manager investing in Europe, the Americas and Australia.
Atrium Bercy is a modern and efficient office building sitting at the heart of one of Paris’ core business districts, Bercy. Covering a surface of 11,500 sq m, it has been fully rented to the French Ministry of Finance since its unveiling in 1998.
Montoyer 47 is a mixed use (office/ retail) landmark corner building that was fully refurbished in 2006. Located in the European district, Brussels’ most sought-after area for office rentals, it measures 8,980 sq m and is currently leased to a set of diversified tenants.
Generali Real Estate manages another asset in the neighbourhood, a 6,755 sqm office building in rue de la Loi 62.
This operation allows Generali Real Estate to strengthen its presence in Brussels’ real estate market, currently one of Europe’s most attractive ones for institutional investors, as well as to further diversify its Paris portfolio by investing in an area that recorded an average vacancy level of 2.6 per cent in the first quarter of the year.
GRE was advised by Etude Dauchez, Fairway, Baker & Mckenzie, Ernst & Young, BST, Theop and Arcadis, while GLL was advised by CBRE, Cushman & Wakefield, Gide, Arsene Taxand & Wargny Katz, Exponens and Drees & Sommers.