The property arm of Italian insurance group Generali said on Thursday that it has joined forces with a major Asian investor to acquire New Station, a prime office asset in the Montparnasse area of Paris. Although financial details were not disclosed, market rumours put the deal price at over €300 mln.
The asset is acquired on behalf of the pan-European Generali Real Estate Core Plus fund managed by Generali Real Estate sgr. Generali Real Estate will act as asset manager for the property.
The New Station asset, built in 1992, provides 27,500 m2 of gross lettable space and is multi-let to six tenants.
The buyer said that the investment confirms ‘the centrality for Generali Real Estate of the strategy to invest in prime European gateway cities, selecting high quality assets that can be of relevant interest for tenants in the long term, also confirming the appeal of this strategy for international investors looking at high quality assets across Europe’.
‘We are happy to contribute to the requalification of the Montparnasse business district with this investment, which offers us the opportunity to invest alongside an important Asian investor, keeping the responsibility of the management of the asset,’ said Aldo Mazzocco, head of Private Markets and Real Assets in the business unit Generali Asset & Wealth Management, and CEO at Generali Real Estate S.p.A.
