Cassa Forense, an Italian pension fund for lawyers, has acquired an office building in Amsterdam through its pan-European Cicerone Fund.
The fund, set up in 2014 by Global Investors and Fabrica SGR exclusively for Cassa Forense, bought Baker McKenzie House from a fund managed by The Nordcapital Group.
It is the second deal by Cicerone Fund in less than a month, coming soon after the acquisition of the Mondrian office building in Brussels for 鈧�132m. It is the fund鈥檚 seventh deal outside Italy since its inception.
Giovanni Maria Benucci, Fabrica SGR鈥檚 CEO, said: 鈥淭he operation is consistent with Cassa Forense鈥檚 investment strategy, focused on trophy assets in major European cities.
鈥淭he share of international asset allocation for Cicerone Fund reached 45%, in line with the investor鈥檚 geographic diversification needs.鈥�
The 11,000sqm office in Amsterdam is fully let, anchored by international law firm Baker McKenzie, with two restaurants and a retail unit on the ground floor.
The building is located in South Axis, a hub for law firms in the city.
Owen Clayton, transaction Manager at CBRE Global Investors, said: 鈥淭his trophy asset has a number of attributes that make it a sound addition to the portfolio.
鈥淭he building is located on one of the best-performing office locations in Europe and is set to improve further. It also offers secure income from a strong covenant.鈥�
