CBRE Global Investors and Fabrica SGR, the advisor and asset manager respectively of the Cicerone Fund, have acquired an office building on 5 Avenue de Provence, Paris for €35 mln.
The deal represents the fund's third investment outside Italy. Its other international purchases have included a retail asset in London and a €35 mln Berlin office, both bought in 2016.
'We have, on behalf of the Cicerone Fund, acquired a quality asset that benefits from a recent refurbishment and secure long-term income from a good tenant,' commented Gautier Beurnier, head of transactions France, CBRE Global Investors. 'The Central Paris location boasts a very low vacancy rate in one of Europe’s most liquid investment markets. This is another solid acquisition into Cicerone Fund’s Pan-Europe portfolio.'
Covering around 2,500 m2, the 19th-century building, in Paris's 19th district, was refurbished in 2011 and is single-let to Education First (EF) on a six-year lease.
The Cicerone Fund is a property vehicle operated on behalf of Cassa Forense, the Italian private pension fund for lawyers. It is expected to reach €1 bn of investments, both by contribution and equity subscription.
'This new cross-border acquisition represents an additional key element enabling our company to build up a premium assets’ portfolio in line with the risk profile of the fund,' said Giovanni Maria Benucci, Fabrica’s CEO.
CBRE Global Investors and Fabrica SGR were advised by Linklaters, Allez & Associés and GVA Redilco.
