Blackstone sells London office to Generali

Blackstone Group has sold Times Square, an office building located in Queen Victoria Street, in the heart of the City of London, to Generali Real Estate. The sales price was not disclosed.

The acquisition of Times Square has been completed on behalf of two pan-European funds managed by Generali Real Estate SGR: 50 percent by the Generali Europe Income Holding (GEIH) fund, dedicated to core offices, and 50 percent  by SC GF Pierre, a fund dedicated to unit-linked policies of the French insurance company Generali Vie. For the deal, Generali Real Estate SGR will obtain a loan from a pool of primary lending banks, for a financial leverage up to 50 percent.

Times Square is an office building comprising 7 floors and 2 underground floors, with 35,000 square meters (376,737 square feet), enriched by large terraces. It 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