Pension fund for Italian lawyers buys central London property

An Italian property fund dedicated to Cassa Forense, the lawyers’ national pension fund, has invested £92m (€121m) in a London asset.

CBRE Global Investors and Fabrica SGR, respective adviser and asset manager of the Cicerone fund, bought the long-term leasehold of the Waterstones flagship store in Piccadilly from a Meyer Bergman fund.

Fabrizio Caprara, chief executive at Fabrica SGR, said: “This first international operation of the Cicerone fund confirms Fabrica’s commitment to build a pan-European asset portfolio, combining Cassa Forense’s diversification needs and the fund’s risk/revenue profile.

“We are proud to announce that this asset is now held by an Italian institutional investor.” 

The 6,161sqm building is let to Waterstones on a long-term lease until 2034.

The property is held leasehold from The Crown Estate for a remaining term of 118 years.

Michael Ness, head of UK at CBRE Global Investors, said: “This was an opportunity to acquire a historically important and iconic building in the heart of London’s West End.

“We recognise the long-term investment value in this acquisition for our client. This is due to the excellent location and enduring occupier appeal of the building demonstrated by Waterstones’s commitment to the site as its long-term flagship store in London.” 

The property’s seller, Meyer Bergman European Retail Partners II, and its predecessor fund will sell more assets this year.