Generali Real Estate together with a French institutional investor has emerged as the buyer of Métronome, a prime office building in Paris, in the Rive Gauche area, from Oxford Properties.
PropertyEU reported back in May that the landlord, the property arm of Canadian pension fund giant OMERS, was looking for a buyer for the office complex at 92 Avenue de France. Oxford was marketing the asset through brokers CBRE and C&W for a price believed to be over €300 mln.
The eight-storey building is fully leased on a long term basis to the French publishing house Editis. Located in the Paris Rive-Gauche sub-market of the city’s 13th arrondissement, in one of the best-performing sections of the Paris office market, with a very low vacancy rate, the asset provides around 21,850 m2 of office space.
Fully refurbished in 2019, it is certified ‘BREEAM RFO – 2015 Very Good’ and a‘BREEAM In Use’ certification is also ongoing.
Oxford bought the prime office building in 2015 for a price believed to be around €200 mln from GLL Real Estate Partners and Union Investment Real Estate.
Generali Real Estate has now acquired the asset on behalf of the pan-European Generali Europe Income Holding fund managed by Generali Real Estate S.p.A Società di gestione del risparmio. Generali Real Estate will act as the asset manager of the property.
In France, Generali Real Estate currently manages a portfolio of 258 properties, worth about €12 bn.
