BNP Paribas Real Estate Investment Management Luxembourg announced on the third day of the Mipim fair in Cannes that its Next Estate Income Fund II has completed €200 mln of acquisitions in recent months.
The fund acquired two new office assets in Munich and Milan in late 2016 and signed another transaction in Frankfurt in early 2017. All three transactions are off-market and total €200 mln for a total lettable area of roughly 42,000 m2.
NEIF II focuses on new-built properties which comply with local environmental standards. All three investments are recent or about-to-be-delivered properties that will achieve LEED Gold certification. The rental situation is in line with the core strategy of the fund since the assets are on average 94% let with a 7.6-year lease duration until next break.
Laurent Boisson, NEIF II fund adviser, commented: 'These new acquisitions demonstrate our capacity to source and execute off-market deals in core markets. Coupled with very competitive financing conditions, these transactions will support the income distribution profile of the Fund NEIF II.'
Launched in 2014, NEIF II is a Luxembourg-based regulated pan-European fund focusing on offices and targeted at international institutional investors.
