Generali Real Estate acquires Blackstone’s Times Square London office building, headquarter of BNY Mellon. In a 450 mln pound deal

Generali Real Estate bought the Times Square office building in London from Blackstone last week. The acquisition was completed on behalf of two pan-European funds managed by Generali Real Estate: 50% of the amount was invested by the Generali Europe Income Holding fund, dedicated to core offices, and the remaining 50% by SC GF Pierre, a fund dedicated to unit linked policies of the French company Generali Vie. The transaction was financed for half of its value by a pool of banks (see the press release here). The sale price has not been disclosed, but rumors were circulating last April regarding a valuation of around 450 million pounds, equal to an initial net yield of 4.3% (see CoStar here). Blackstone in turn had bought the building in