Italy's Cassa Forense continues to diversify with Dutch office buy

Cassa Forense, an Italian pension fund for lawyers, has acquired an office building in Amsterdam through its pan-European Cicerone Fund.

The fund, set up in 2014 by CBRE Global Investors and Fabrica SGR exclusively for Cassa Forense, bought Baker McKenzie House from a fund managed by The Nordcapital Group.

It is the second deal by Cicerone Fund in less than a month, coming soon after the acquisition of the Mondrian office building in Brussels for €132m. It is the fund’s seventh deal outside Italy since its inception.

Giovanni Maria Benucci, Fabrica SGR’s CEO, said: “The operation is consistent with Cassa Forense’s investment strategy, focused on trophy assets in major European cities.

“The share of international asset allocation for Cicerone Fund reached 45%, in line with the investor’s geographic diversification needs.”

The 11,000sqm office in Amsterdam is fully let, anchored by international law firm Baker McKenzie, with two restaurants and a retail unit on the ground floor.

The building is located in South Axis, a hub for law firms in the city.

Owen Clayton, transaction Manager at CBRE Global Investors, said: “This trophy asset has a number of attributes that make it a sound addition to the portfolio.

“The building is located on one of the best-performing office locations in Europe and is set to improve further. It also offers secure income from a strong covenant.”

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