BNP Paribas Reim fund invests EUR 41m in Italy

The Italian fund management arm of BNP Paribas Real Estate Investment Management has carried out two acquisitions for its Immobiliare Dinamico real estate fund.

In the northern Italian region of Lombardy, the fund acquired a retail property leased to Media Markt under the Saturn brand for just over EUR 27 mln. The asset is located in Milan in the vicinity of major redevelopment areas such as City Life and Il Portello. It was recently refurbished and offers 9,300 m² of retail space as well as 235 parking spaces.

Separately, the investment vehicle purchased a logistics site in Trezzo sull'Adda, near Milan, for around EUR 14 mln. The property consists of a 25,000 m² logistics facility on a 66,000 m² site. It is fully let to Comprabene spa, part of the Italian logistics group Lombardini. The asset has potential to be extended by a further 8,000 m².

The purchase completes the acquisition programme for Immobiliare Dinamico, which currently owns a portfolio consisting of 24 properties with a net value of EUR 390 mln. 'The fund's loan-to-value ratio of just 34% will however allow the company to continue studying interesting offers that in the future may come on the market,' the fund manager said in a statement.