Generali Real Estate has sold a 50% stake in a 440,000sqft office block in the City of London to MEAG, Munich Re鈥檚 asset management arm.
The two firms have partnered to co-own a vehicle that owns the Fen Court building 鈥� located at 120 Fenchurch Street, London EC3 鈥� which will become insurer Munich Re鈥檚 London headquarters alongside other occupiers, including M&G and Newline Underwriting.
Financial details were undisclosed.
Fen Court was completed by Generali Real Estate in 2018. The property is configured over 14 upper floors with a ground floor level of six retail units.
Nicholas Gartside, CIO board member at Munich Re, said: 鈥淚 am delighted to offer our London colleagues a new home, with wonderful working spaces in such a fantastic location, whilst securing one of the most prominent London properties for Munich Re鈥檚 asset portfolio. Our new London home will serve as a platform for further profitable growth in the UK insurance market in challenging times.鈥�
Aldo Mazzocco, CEO at Generali Real Estate and head of private markets and real assets at Generali asset and wealth management, said: 鈥淲e continue our practice of sharing 50% of the ownership of high-quality buildings in major European cities with primary international co-investors.
鈥淭his partnership involves an iconic skyscraper in the heart of the financial district in London, representing a perfect example of our commitment to advancing sustainability standards in the real estate sector, and of our consolidated experience in real estate investment management at European level.鈥�
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