Generali Real Estate, alongside a French institutional investor, has purchased Métronome, a prime office building in Paris in the Rive Gauche area, from Oxford Properties.
Generali Real Estate acquired the asset on behalf of the pan-European Generali Europe Income Holding fund managed by Generali Real Estate S.p.A Società di gestione del risparmio.
Generali Real Estate will act as the asset manager of the property.
Métronome is an 8-storey building, offering around 22,000 smq of office and retail space. It is fully let, with a multi-year contract, to the leading publishing house Editis.
The building, fully refurbished in 2019, is certified ‘BREEAM RFO – 2015 Very Good’ thanks to its central position in Paris, and to energy, water and waste management facilities; and ‘Wiredscore Platinum’, as it meets exceptional standards for the quality of its wired infrastructure, resilience, and wireless network. A ‘BREEAM In Use’ certification is also ongoing.
Métronome benefits from an exceptional location at the heart of the Masséna district, within the Paris Rive Gauche area, a sought-after district for its urban mix of offices, residential, retail, entertainment and green spaces. Thanks to optimal public transport connections, the Paris Rive Gauche area has been selected by major multinational companies for their Paris headquarters.
In France, Generali Real Estate currently manages a portfolio of 258 properties, worth about € 12 bn (MV, year-end 2021).