Generali Real Estate, on behalf of Generali Group companies, and MEAG, on behalf of Munich Re, have formed a co-investment structure with each owning a 50% stake in the holding vehicle of Fen Court, a landmark office building in the City of London
Generali Real Estate S.p.A and MEAG announce the closing of a co-investment agreement whereby MEAG (on behalf of Munich Re) has acquired 50% of the shares in the special purpose vehicle (spv) owner of Fen Court, an iconic office building located at 120 Fenchurch Street, London EC3.
The Generali Group will continue to hold 50% in the same vehicle, which is invested by Generali Group companies, and Generali Real Estate will continue to act as asset manager.
Munich Re will be both a co-investor alongside the Generali Group, and an occupier of Fen Court, with two floors (2nd and 3rd floor) of the property becoming its new London headquarters. Starting later this year, Munich Re aims to centralize all its London staff into a single, central location in the new flagship asset.
Fen Court is an iconic, landmark, 440,000 sq ft (40,500 sqm) development designed by Eric Parry Architects which was completed by Generali Real Estate in 2018. The property, located in the heart of the City of London, is configured over 14 upper floors with excellent natural light and large open plan floorplates. The ground floor level houses six retail units, and the office spaces host the headquarters of high-profile tenants such as M&G and Newline Underwriting. The top floors benefit from an award-winning public roof garden and a restaurant offering panoramic views of the City.
Fen Court has also achieved strong environmental credentials such as BREEAM In Use Excellent and EPC B rating.
You can read the full press release now at the link below