Generali and Predica acquire “Europe Avenue”, an HQE-certified office complex

February 21 2011

Generali France and Predica, a Crédit Agricole Assurances subsidiary, have acquired Europe Avenue from Beacon Capital on an equal ownership basis for more than €400 million.

Delivered in 2009 and located at 17 Avenue de l’Europe in the Paris suburb of Bois-Colombes, this 65,000m² office complex comprising five buildings has been certified to HQE green-building standard and is poised to earn the new HQE Exploitation certification

The entire building is already let. IBM has moved its French headquarters there, occupying 42,000 m² (with two leases, one on a 6-9 year basis and the other for a firm ten-year period). GDF Suez and its subsidiaries occupy a further 23,000 m² under a firm nine-year lease.

The buyers were advised on this transaction by Dauchez & Associés, Oudot & Associés, Artequation, Wragge, Fairway, Herbert Smith, Jones Day, Ernst & Young and Catella Valuations. Predica was assisted by Crédit Agricole Immobilier. Financing was provided by BNP Paribas and Crédit Agricole CIB. Beacon Capital was assisted by Katz, Ernst & Young, and Linklaters.

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PR Predica-Europe Avenue office complex 15-02-2011