Generali Real Estate and an Asian investor have acquired New Station, a prime office asset in the Montparnasse area of Paris.
Generali said it had co-invested in the building on behalf of its pan-European Generali Real Estate Core Plus fund alongside “a leading Asian investor with a global reach”.
The real estate arm of the Italian insurer will also manage the 27,500sqm asset, which was built in 1992 and is spread over nine above-ground floors let to six tenants.
New Station is close to the Montparnasse railway station, one of the main public transport hubs in Paris, which is expected to benefit from large-scale real estate and urban regeneration in the coming years, Generali said.
Aldo Mazzocco, head of private markets and real assets for Generali Asset & Wealth Management, and CEO at Generali Real Estate, said: “We are happy to contribute to the requalification of the Montparnasse business district with this investment, which offers us the opportunity to invest alongside an important Asian investor, keeping the responsibility of the management of the asset.”
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