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.

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