BNP Paribas Real Estate Investment Management has announced the acquisition of the German headquarter of Fiat Chrysler Automobiles in Frankfurt from developer Lang & Cie for an undisclosed amount.
The purchase, which was made on behalf of BNP's Next Estate Income Fund II, brings the Fund size close to €750 mln. The deal was financed by German bank BayernLB.
Located in the Ostend district, in the Lindley quartier, a newly office area in Frankfurt, this building provides 10,000 m2 of internal space. The property, which has just been delivered, is fully occupied by Fiat Chrysler Automobiles, the world’s seventh-largest car manufacturer.
'This fourth transaction in Germany strengthens the allocation of the Fund to Core markets in the Eurozone with a focus on sustainable assets,' said Laurent Boissin, fund advisor of NEIF II Fund. 'The long lease duration coupled with excellent financing conditions support the long-term income distribution profile of the Fund.'
NEIF II, managed by BNP Paribas REIM Luxembourg, is a pan-European fund offering diversification in the Eurozone office sector to international institutional investors with a yield target of 5% per annum.
