01 August 2017
Reporter: Jenna Lomax

Joint venture purchases Paris office for €35 million

CBRE Global Investors and Fabrica SGR have acquired an office building on the 5 Avenue de Provence, Paris, for €35 million, on behalf of the Cicerone Fund.

The grade-A, 2,500-square metre office space comprises five floors and a basement with car parking spaces, and dates back to the 19th century.

Located in the 9th district, Paris’ financial hub, the property is fully-let to Education First on a six-year firm lease.

It marks the Cicerone fund’s third investment outside of Italy.

Gautier Beurnier, head of transactions France at CBRE Global Investors, said: “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. 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.”

Giovanni Maria Benucci, CEO of Fabrica SGR, said: “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, which Cassa Forense is highly focused on.”

CBRE Global Investors and Fabrica SGR were advised by Linklaters, Allez & Associés and GVA Redilco.

More news
The latest news from Real Estate Investment Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
London pension fund strengthens board
17 August 2017 | London | Reporter: Theo Andrew
The London Pension Fund Authority (LPFA) has appointed Nigel Topping and Barbara Weber to its trustee board, effective immediately
Greystar appoints Jeff Manno to lead Growth Fund
17 August 2017 | Charleston | Reporter: Theo Andrew
Reporting to Chris MacNaughton, Greystar’s head of portfolio management platform, Manno will relocate from London to Charleston, South Carolina
LaSalle shoots for $1 billion Asian real estate fund
17 August 2017 | Chicago | Reporter: Theo Andrew
In its fifth and latest close, LAO V secured $335 million of commitments, meaning the fund is well in line to exceed its initial target of $750 million
Schroders secures self-storage portfolio for £44 million
16 August 2017 | London | Reporter: Theo Andrew
It is the institutional investor’s first foray into self-storage sector, which it sees as a major growth opportunity within the alternatives sector down to changing demographic trends
BlackRock enters Australian renewable energy sector
16 August 2017 | Queensland | Reporter: Theo Andrew
The global investment manager secured the long-term syndicated debt facility through the Clean Energy Finance Corporation, the Commonwealth Bank of Australia and Natixis
Foundation appoints new global head of transactions
15 August 2017 | Zurich | Reporter: Jenna Lomax
Feix will be based in Zurich and replaces Ulrich Kaluscha, who held the post on an interim basis
Five Point buys OC office campus for $443 million
15 August 2017 | California | Reporter: Theo Andrew
Five Point Holdings has acquired a 73-acre corporate campus in Irvine, California, on behalf of its new venture, Five Point Office Venture Holdings I, for $443 million