Generali tests appetite for €352m London deal

Generali Real Estate has been trying to hold exploratory talks with potential investors over its completed One Fen Court office scheme in the financial heart of London.

The Italian insurance giant is working with JLL to find a financial partner that will commit around £300 mln (€352 mln) as a third-party investor, according to sources. However, talks with a single group are not thought to have progressed.

It is not known what stake Generali wishes to retain in the building.

One Fen Court on Fenchurch Street is a 15-storey, 40,000 m2 Grade A office space and 27,00 m2 high-profile retail development. Positioned in the heart of the City of London’s financial district, major tenants include M&G Investments occupying 325,000 ft2 and Argo Global with 33,000 ft2.

The BREEAM Excellent shell and core construction building is crowned by a publicly accessible roof garden offering views to Canary Wharf, St Paul’s Cathedral and the Tower Bridge, while The Garden at 120 is London’s largest rooftop open to the public.

Fen Court is designed in three distinct sections that are linked through an art space featuring a 1,900 ft2 LED display ceiling.

The project was granted consent in September 2008 for around 400,000 ft2 of office-based space in a 15-storey tower. Generali completed it in 2018 together with central London developers Co-Re and Greycoat.

It comes as Generali closes in on the £464 mln purchase of Times Square in London from The Blackstone Group, for which terms have been agreed.


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