Generali funds snap up Paris office building

Generali Real Estate, the property arm of the Italian insurance giant, has acquired an office building in Issy-les-Moulineaux, Paris, from BNP Paribas REIM. 

Financial details were not disclosed.

The asset was acquired by two Generali Real Estate funds, and sold on behalf of the SCPI funds Accimmo Pierre and Accès Valeur Pierre together with the OPCI fund BNP Paribas Diversipierre.

The property, dubbed Bords de Seine 2, comprises a usable floor area of 19,720 m2 and is located on 1-3 rue du Passeur de Boulogne, between the office hub of Pont d’Issy les Moulineaux and the future Grand Paris station of Issy RER, in the Western Crescent.

Guillaume Delattre, chief investment officer for BNP Paribas REIM France, said: 'This sale is part of our strategy to rotate the assets of the funds under management, after a six-year ownership and enhancement period.'

Bord de Seine 2 was developed in 2003 and refurbished in 2014. It is fully leased to two major French financial institutions.

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