Times Square
Site acquired by Generali Real Estate

Site acquired by Generali Real Estate

18/11/2021 by Buildington
Generali Real Estate has completed the acquisition of Times Square on Queen Victoria Street from 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 unit-linked 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 financial leverage of up to 50%.

It is 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.

Times Square is currently under refurbishment, with completion expected at the end of 2022, and hosts the headquarters of BNY Mellon as the main tenant.

The building is located at 160 Queen Victoria Street, close to St. Paul’s Cathedral and the London Stock Exchange.

The asset is perfectly in line with Generali Real Estate’s commitment to sustainability, with a pre-certification BREEAM Very Good and high Health and Well Being standards, and is coherent with the ESG investment guidelines of the Group.

Aldo Mazzocco, Head of Private Markets and Real Assets in the business unit Generali Asset & Wealth Management, said: “The acquisition of the Times Square building marks the come-back of Generali Real Estate on the London market. As part of our investments
strategy in the most interesting and dynamic cities across continental Europe and beyond, we confirm our conviction about London as one of the main investment targets of our strategy.”
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