BNP Paribas REIM has acquired the Inno Plaza building in Vienna from Austrian developers S+B Gruppe and List Group.
BNP Paribas REIM carried out the deal on behalf of its Next Estate Income Fund II in an off-market transaction.
The deal will bring the fund size above €800 mln, with 12 assets held across 6 countries within the Eurozone. Based on the fund's previous size, it is believed the investment in Vienna came to about €50 mln.
The property is located in the Euro Plaza district, a newly established submarket of Vienna. Inno Plaza has an office lettable area of 12,500 m2 and will be delivered in the second half of 2018 with a LEED Platinum green certification.
Laurent Boissin, fund advisor of NEIF II, said: 'This first transaction in Austria strengthens the geographic diversification of the portfolio in the main gateway cities of the Eurozone. This deal fully supports the fund’s strategy to allocate capital on sustainable buildings benefiting from a competitive edge to attract grade A tenants.'
NEIF II, managed by BNP Paribas REIM Luxembourg, is a pan-European office fund offering diversification in the Eurozone to international institutional investors. Its successor Fund NEIF III was launched in 2017 with more than €150 mln equity raised and three transactions secured in Germany.
