Generali Real Estate, the property arm of the Italian insurance giant, has acquired 53 assets operated by French supermarket group Monoprix for €600 mln.
The transaction was completed on behalf of two Generali Group entities. According to the firm, the deal allows Generali to further strengthen and diversify its presence in France.
Around 47% of the portfolio's value derives from assets located in Paris, with 27% in the Paris region, and the remaining 26% in other cities across France.
Following the purchase, Generali Real Estate’s portfolio under management in France is worth around €9.5 bn, out of a total of nearly €30 bn at a global level as of year-end 2018.
The deal was financed by three French banks, Société Générale, Crédit Agricole CIB and Natixis.
Generali Real Estate was advised by PwC, Catella, Workman Turnbull, DLA Piper, De Pardieu Brocas Maffei A.A.R.P.I and Etude Oudot.
