Generali Real Estate has completed, alongside a French institutional investor, the acquisition of Metronome, a prime office building in Paris, in the Rive Gauche area, from Oxford Properties. Generali Real Estate will act as the asset manager of the property. The purchase price was not disclosed.
Metronome is an 8-storey building, offering around 22,000m² of office and retail space. It is fully let, with a multi-year contract, to the leading publishing house Editis. The building, fully refurbished in 2019, is certified ‘BREEAM RFO – 2015 Very Good’ thanks to its central position in Paris, and to energy, water and waste management facilities; and ‘Wiredscore Platinum’, as it meets exceptional standards for the quality of its wired infrastructure, resilience, and wireless network. A ‘BREEAM In Use’ certification is also ongoing.
Metronome benefits from an exceptional location at the heart of the Masséna district, within the Paris Rive Gauche area, a sought-after district for its urban mix of offices, residential, retail, entertainment and green spaces. Thanks to optimal public transport connections, the Paris Rive Gauche area has been selected by major multinational companies for their Paris headquarters. The new investment confirms the centrality of the Paris market in the investment strategy of Generali Real Estate, which targets high-quality assets in prime European gateway cities, and the appeal of such investment opportunities for like-minded international investors looking for a trusted partner such as Generali.
