Generali Real Estate has completed the acquisition of Times Square, an office building located in Queen Victoria Street, in the heart of the City of London. The seller is the Blackstone Group.
The acquisition of Times Square has been completed on behalf of two pan-European funds managed by Generali Real Estate SGR: 50% by the “Generali Europe Income Holding” (GEIH) fund, dedicated to core offices, and 50% by “SC GF Pierre”, a fund dedicated to unitlinked policies of the French insurance company Generali Vie.
For the operation, Generali Real Estate SGR will obtain a loan from a pool of primary lending banks, for a financial leverage up to 50%.
The acquisition of Times Square is fully in line with Generali Real Estate’s strategy of investing in prime assets, in the most important, dynamic and resilient cities in Europe, London included.
The asset represents the first direct investment for Generali Real Estate in the London real estate market after the completion of the iconic ‘One Fen Court’ building in Fenchurch Street in the City, a very successful state-of-the-art development project completed in 2019 and housing the headquarters of a leading financial operator.
London will become one of the main markets for investments by Generali Real Estate in the next years, after some years of pause related to the evolution of the Brexit process and, more recently, the evolution of the Covid pandemic.
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