Generali Real Estate and Poste Vita JV makes major acquisitions in Berlin and Rome
Generali Real Estate and Poste Vita, via their joint venture aimed at co-investing in the European real estate sector, have made two additional major transactions in Berlin and Rome.
In Berlin, the two partners have agreed to acquire The Westlight, a major new 15-storey office development, from Barings, one of the world’s largest diversified real estate managers, on behalf of institutional investors.
Currently under construction, The Westlight is located in the City West, one of city’s prime office districts, directly opposite the Berlin Zoo and very close to the Gedächtniskirche.
The 60 metre-high building will shape the skyline with its distinctive and crystal-inspired architecture, and it will comprise 20,000 square metres of lettable space, with four large outdoor areas and an all- glass façade. The asset is targeting an LEED Gold certification.
The transaction is expected to be completed in 2020, upon completion of construction and the pre- letting of the spaces.
The buyer was advised by Mayer & Brown (legal), whilst JLL, Freshfields (legal) and King & Spalding (tax) acted for Barings.
Furthermore, Generali Real Estate and Poste Vita sealed the acquisition of a majority stake of the vehicle owning Parco Leonardo, a shopping centre located in South-Western Rome.
Opened in 2005, Parco Leonardo currently hosts over 180 stores over a commercial area (GLA) of approximately 62,000 smq. Due to its strategic position along the road connecting Rome to Fiumicino Airport, it attracts both the inhabitants of the nearby districts of Fiumicino and Ostia, as well as those from the Southwestern quadrant of the city of Rome.
Generali Real Estate and Poste Vita announced their strategic partnership in December 2018, with the goal to focus on co-investment opportunities in the European real estate sector.