The 19th Century building is of classical and monumental design and was fully refurbished in 2011. It offers Grade A office space over five floors and a basement and has 14 car parking spaces. The ca. 2,500 sq m asset is single-let to Education First (EF) on a 6-year firm lease.
The building is located in the 9th district, Paris’s historical financial district, close to the Opera Garnier, in one of the main iconic areas of the City.
Gautier Beurnier, Head of Transactions France, CBRE Global Investors said: “We have, on behalf of the Cicerone Fund, acquired a quality asset that benefits from a recent refurbishment and secure long-term income from a good tenant. The Central Paris location boasts a very low vacancy rate in one of Europe’s most liquid investment market. This is another solid acquisition into Cicerone Fund’s Pan-Europe portfolio. “
Giovanni Maria Benucci, Fabrica SGR’ CEO, added: “This new cross-border acquisition represents an additional key element enabling our company to build up a premium assets’ portfolio in line with the risk profile of the Fund, to which Cassa Forense is highly focused on. Moreover, the investment is highly consistent with the internationalization process that the SGR initiated and is pursuing also by involving international investors through the launch of new products currently in placement”.
CBRE Global Investors and Fabrica SGR were advised by Linklaters, Allez & Associés and GVA Redilco.
– ENDS –
About the Cicerone Fund
Cicerone Fund is the real estate pan-European fund dedicated to Cassa Forense, the Italian first pillar private pension fund for lawyers and could reach EUR1 billion of investments, both by contribution and equity subscription. The asset portfolio is now made up of 39 properties, with a main focus on office and residential sectors for ca. EUR 800 million of total AUM.
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $86.5 billion in assets under management* as of March 31, 2017. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.