Generali Real Estate has sold a 50% stake in a 440,000sqft office block in the City of London to MEAG, Munich Re’s asset management arm.
The two firms have partnered to co-own a vehicle that owns the Fen Court building – located at 120 Fenchurch Street, London EC3 – which will become insurer Munich Re’s London headquarters alongside other occupiers, including M&G and Newline Underwriting.
Financial details were undisclosed.
Fen Court was completed by Generali Real Estate in 2018. The property is configured over 14 upper floors with a ground floor level of six retail units.
Nicholas Gartside, CIO board member at Munich Re, said: “I am delighted to offer our London colleagues a new home, with wonderful working spaces in such a fantastic location, whilst securing one of the most prominent London properties for Munich Re’s asset portfolio. Our new London home will serve as a platform for further profitable growth in the UK insurance market in challenging times.”
Aldo Mazzocco, CEO at Generali Real Estate and head of private markets and real assets at Generali asset and wealth management, said: “We continue our practice of sharing 50% of the ownership of high-quality buildings in major European cities with primary international co-investors.
“This partnership involves an iconic skyscraper in the heart of the financial district in London, representing a perfect example of our commitment to advancing sustainability standards in the real estate sector, and of our consolidated experience in real estate investment management at European level.”
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