Italian pension fund acquires Société Générale office in Paris

Cassa Forense, an Italian pension fund for lawyers, has acquired a Société Générale office building in Paris.

Cicerone Fund, set up in 2014 by CBRE Global Investors and Fabrica SGR exclusively for Cassa Forense, has entered into a sale-and-leaseback deal with Société Générale.

The property at 132 Rue de Réaumur was built in 1901 and has been occupied by the French bank ever since. It was recently refurbished.

As part of the deal, Société Générale has committed to a long-term lease.

It is the fifth investment outside Italy for Cicerone Fund and the second in Paris.

Gautier Beurnier, head of transactions for CBRE Global Investors France, said: “This is the first time this trophy building has been marketed for sale and we are delighted to have secured strong, secure cash flows for our investor.”

Giovanni Maria Benucci, CEO of Fabrica SGR, said the deal fit perfectly with the Cicerone Fund’s diversification strategy, “focused on trophy assets in key markets around Europe”.

Related images

  • Société Générale, 132 Rue de Réaumur, Paris

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  • QN-2546

    Asset class: Real Estate Equity Fund (non listed).
    Asset region: Europe.
    Size: Total CHF 600m, approx. CHF 100-300m per fund investment.
    Closing date: 2019-06-28.

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