CBRE Global Investors and Fabrica SGR, the advisor and asset manager of the Cicerone Fund respectively, have acquired an office building located at 132 Rue de Reaumur, Paris. The vendor was Societe Generale. The purchase price was not disclosed. The deal marks the fifth investment for the fund outside of Italy and the second in the French capital.
The trophy building was built in 1901 for Societe Generale who has been the occupier throughout. Following the sale and leaseback, Societe Generale has committed to a long-term lease going forward.
The asset is located at the corner of rue Reaumur, rue Notre Dame des Victoires and rue Leon Cladel in Paris’ 2nd district, opposite the Palais Brongniart and metro Bourse. It benefits from excellent visibility on a prestigious location within Paris’ Central Business District. The building has recently undergone a refurbishment.
Gautier Beurnier, Head of Transactions for CBRE Global Investors France said: “This is the first time this trophy building has been marketed for sale and we are delighted to have secured strong secure cash flows for our investor.“
Giovanni Maria Benucci, Fabrica SGR’ CEO, added: “The deal fits perfectly with Cicerone Holding’s diversification strategy, focused on trophy assets in key markets around Europe. Societe Generale is an excellent tenant providing secure long-term stable cash flows. This is in line with our investor’s risk-return profile.”
Commenting on the deal, Societe Generale said they are delighted to have established with CBRE Global Investors, Fabrica and Cicerone Fund a trustworthy relationship that made this transaction iconic for all stakeholders.
