Generali Real Estate, acting on behalf of two Generali Group entities, has completed the acquisition of a two-asset portfolio located in Paris and Brussels from GLL Real Estate Partners. The purchase price was not disclosed.
The first asset, Atrium Bercy is a modern office building located in the centre of Paris’ business district Bercy. Covering a surface of 11,500m², it has been fully rented to the French Ministry of Finance since its unveiling in 1998.
The second property, Montoyer 47 is a mixed-use landmark corner building located in the European district, Brussels’ most sought-after area for office rentals. Totalling 8,980m², the asset has been fully refurbished in 2006 and is currently let to a diverse group of tenants. Since Generali Real Estate also manages another asset in the neighbourhood, a 6,755m² office building in rue de la Loi 62, the deal allows the company to strengthen its presence in Brussels’ real estate market, currently one of Europe’s most attractive ones for institutional investors. The transaction also helps to further diversify its Paris portfolio by investing in an area that recorded an average vacancy level of 2.6% 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 et Drees & Sommers.
