BNP Paribas REIM has acquired the 'Gaurico' office in Rome for an undisclosed price for its second pan-European fund NEIF II.
The multi-tenant office complex was acquired from a private Italian family in an off-market transaction for a yield believed to be around 5%. Built in 2012, the building features almost 7,400 m2 of total office area offering Class A office accommodation in a prime location. It is fully let with Regus as the main tenant.
Commenting on the transaction, Laurent Boissin, fund advisor for the NEIF II fund, said: 'We are pleased to announce the successful completion of the acquisition phase of NEIF II. The acquisition of “Gaurico” represents the 12th transaction on behalf of NEIF II and the fund volume stands now at above €800 mln. This last acquisition is perfectly in line with the fund strategy, aiming a geographic diversification in the main cities of the Eurozone with a focus on sustainability.'
BNP Paribas REIM acquired the asset on behalf of its NEIF II fund (Next Estate Income Fund II), managed by BNP Paribas REIM Luxembourg. The fund is now fully invested with a loan to value (LTV) ratio of 40%.
The property is located in the EUR Laurentina area, where many high-tech and industrial companies such as Mitsubishi and ENEL are established, with a good connection to the public transport.
NEIF II is a European fund offering diversification in the Eurozone office sector to European institutional investors. Its successor NEIF III fund, launched in 2017, has started its investment phase in the Eurozone and is targeting a distribution of 4% p.a.
