Generali Real Estate and Meag have entered into a co-investment agreement whereby Meag, the asset manager of Munich Re Group, has acquired 50% of the shares of a special purpose vehicle that owns Fen Court, an iconic office building at 120 Fenchurch Street, London EC3.
The Generali Group will continue to hold 50% of the shares in the companies in which Generali Group companies are invested and Generali Real Estate will continue to act as asset manager.
Munich Re will be both a co-investor alongside the Generali Group and a user of Fen Court. The property will become their new headquarters in London. At the same time as the investment, Munich Re signed a rental agreement for the second and third floors, so that Munich Re can use two connected floors. Munich Re intends to bring its London workforce together at this central location before the end of this year.
Fen Court is a 40,500 sqm iconic landmark designed by Eric Parry Architects and completed in 2018 by Generali Real Estate. Located in the heart of London City, the property extends over 14 floors. Six retail stores are located on the ground floor, with office space leased to M&G and Newline Underwriting. On the upper floors there is a roof garden open to the public and a restaurant with panoramic views over the city. Fen Court is BREEAM In Use Excellent and EPC B.
Nicholas Gartside, CIO and Member of Munich Re’s Board of Management: “I am delighted to be able to offer our London colleagues a new home with wonderful workspaces in such a fantastic location whilst also securing one of the most prominent London properties for Munich Re’s portfolio. Our new London home will serve as a platform for continued profitable growth in the UK insurance market in challenging times.”
Aldo Mazzocco, CEO Generali Real Estate SpA and Head of Private Markets & Real Assets, Generali Asset & Wealth Management: “We continue our practice of sharing 50% ownership of high quality buildings in major European cities with top international co-investors. This partnership concerns an iconic skyscraper in the heart of London’s financial district. The property is a perfect example of our commitment to advancing sustainability standards in the real estate sector and our experience in European real estate investment management. We are delighted to have won Munich Re as a co-investor for this building.”