Generali Real Estate, acting on behalf of two Generali Group entities, has completed the acquisition of a portfolio of 53 assets operated by Monoprix, a French leading high street retailer, for approximately €600m. This operation allows the company to further strengthen and diversify its presence in France by adding a portfolio that offers long-term secured revenues and a well-balanced geographical diversification in prime locations, with around 47% of the value from assets located in Paris, 27% in Paris Region, and the remaining 26% in other cities across France. Furthermore, it ensures a long-term partnership with a robust brand with market leadership in Paris and the Ile de France region.
The deal was financed by three major French banks, Societe Generale, Credit Agricole CIB and Natixis. Following this acquisition, Generali Real Estate’s portfolio under management in France is worth around €9.5bn, out of a total of nearly €30bn at a global level as of year-end 2018.