Insurance group Generali and Groupe Credit Agricole's Predica unit have acquired the Europe Avenue office complex at Avenue de l'Europe, Bois- Colombes in Hauts-de-Seine, France for around EUR 400 mln, reflecting a net yield of 6%. The property was bought on a 50/50 basis from Boston-based Beacon Capital Partners.

The acquisition comprises some 65,000 m2 of office space across five buildings. Delivered in 2009, the building is fully let to IBM and GDF Suez.

Beacon Capital has built up a large office portfolio in Paris in the past five years, with major assets consisting of La Défense Plaza (33,000 m2), Doublon, Europe Avenue and Axa Tower at La Défense (80,000 m2). In late 2010 the US investor put Europe Avenue and Defense Plaza on the market with a price tag of EUR 400 mln and EUR 300-350 mln respectively.