A fund set up in 2014 for Cassa Forense, the Italian pension fund for lawyers, has acquired a fully-let office building in Paris from Dutch pension fund investor PGGM and French real estate investment trust Atland.
The value-add focused Cicerone Fund, advised by Investment Management and managed by Fabrica SGR, bought the building at 33 Rue d鈥橝rtois in Paris鈥檚 eight arrondissement.
The former private mansion, built in 1923, has been redeveloped, achieving BREEAM Very Good, HQE Excellent and Wiredscore Gold accreditations.
鈥淲e are delighted to have completed the acquisition of this prime building in a submarket of Paris where quality office buildings to rent remain in short supply,鈥� said Gautier Beurnier, country manager for France at CBRE Investment Management.
鈥淲e are confident that it will deliver the stable and resilient income that our long-term investor is looking for.鈥�
Cicerone director Matteo Greco added: 鈥淭he company鈥檚 strategy remains focused on assets with solid fundamentals in terms of location, iconicity, real estate quality and tenants of primary standing.
鈥淔rom this point of view, the property in Rue d鈥橝rtois, located among the main iconic places in Paris and with the various certifications that attest to its value and sustainability, meets all these characteristics.鈥�
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