CBRE Global Investors and Fabrica SGR, the advisor and asset manager of the Cicerone Fund respectively, have acquired an office building on the 5 Avenue de Provence, Paris for €35m. This is the third investment for the fund outside of Italy.
The 19th Century building is of classical and monumental design and was fully refurbished in 2011. It offers Grade A office space over five floors and a basement and has 14 car parking spaces. The ca. 2,500 sq m asset is single-let to Education First (EF) on a 6-year firm lease.
The building is located in the 9th district, Paris’s historical financial district, close to the Opera Garnier, in one of the main iconic areas of the City.
Gautier Beurnier, Head of Transactions France, 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 market. This is another solid acquisition into Cicerone Fund’s Pan-Europe portfolio.”
Giovanni Maria Benucci, Fabrica SGR’ CEO, added: “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, to which Cassa Forense is highly focused on. Moreover, the investment is highly consistent with the internationalization process that the SGR initiated and is pursuing also by involving international investors through the launch of new products currently in placement”.