CBRE Global Real Estate Income Fund : Investment Management Acquires Paris Office Building for Cicerone Fund

CBRE Investment Management (advisor) and the international acquisition platform of the Cicerone Fund (Cicerone RE Holding BV), managed by Fabrica SGR, have completed the acquisition of an office building located at 33 rue d'Artois, in Paris's 8th. The vendors were Atland and PGGM.

Built in 1923 and benefiting from a prime location in the heart of Paris' CBD, this former private mansion has been comprehensively redeveloped to the highest technical and environmental standards, while preserving and enhancing its historical features. Comprising seven floors above ground, the asset benefits from views on two sides and a private garden. It is fully leased to a leading French organisation and is ranked BREEAM Very Good, HQE Excellent and Wiredscore Gold.

"We are delighted to have completed the acquisition of this prime building in a submarket of Paris where quality office buildings to rent remain in short supply. We are confident that it will deliver the stable and resilient income that our long-term investor is looking for," said Gautier Beurnier, Country Manager France, CBRE Investment Management.

Matteo Greco, Cicerone RE Holding BV's Director added: "The company's strategy remains focused on assets with solid fundamentals in terms of location, iconicity, real estate quality and tenants of primary standing. From this point of view, the property in Rue d'Artois 33, located among the main iconic places in Paris and with the various certifications that attest to its value and sustainability, meets all these characteristics ".

"Respecting the history of the site, the existing building made this project a real challenge for our teams, from design to delivery. The leasing of the building more than a year before its delivery and now its sale to Cicerone RE Holding BV testify to the excellent work done on the architectural and technical levels, always with the highest environmental standards," says Jonathan Azoulay, Deputy Managing Director, Asset Management of ATLAND Voisin.

The deal was brokered via ENOMA Investment. CBRE IM and Cicerone RE Holding BV were advised by Allez & Associés, Allen & Overy, Reedsmith and Property S². ATLAND and PGGM were advised by C&C notaries.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management* as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world's largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE's data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management's presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.