Cicerone, a fund backed by the Italian pension fund for lawyers Cassa Forense, has acquired an office building located at 132 Rue de Réaumur, in Paris' second arrondissement, from vendor and occupier Société Générale.
The trophy building was built in 1901 for Société Générale who still occupies the building and has agreed to lease back the asset on a long-term basis. The building has recently undergone a refurbishment.
Financial details were not disclosed.
Launched in 2014, Cicerone has made five investments outside of Italy so far, including two in the French capital. The vehicle counts CBRE Global Investors and Italian asset manager Fabrica SGR as advisor and asset manager respectively.
'This is the first time this trophy building has been marketed for sale and we are delighted to have secured strong secure cash flows for our investor,' commented Gautier Beurnier, head of transactions for CBRE Global Investors France.
Giovanni Maria Benucci, Fabrica SGR’ CEO, added: 'The deal fits perfectly with Cicerone Holding’s diversification strategy, focused on trophy assets in key markets around Europe. Société Générale is an excellent tenant providing secure long-term stable cash flows. This is in line with our investor’s risk-return profile.'
