Next Estate Income Fund, a pan-European vehicle managed by BNP Paribas Real Estate Investment Services, has bought two office buildings in Northern Italy for a total of €75 mln.
Next Estate Income Fund, a pan-European vehicle managed by BNP Paribas Real Estate Investment Services, has bought two office buildings in Northern Italy for a total of €75 mln.
The fund has acquired a 6,000 m2 office scheme at Via Pergolesi in Milan for €28 mln. The asset is multi-let and was bought from Italian REIT Beni Stabili.
In a separate deal, NEIF purchased a 14,700 m2 complex located between Milan's Viale Piero and Alberto Pirelli for €47.5 mln. Delivered in 2009, the property houses the headquarters of Italian tyre giant Pirelli and was sold by the Cloe Fund, managed by Prelios SGR.
'These two buildings in Milan are of great quality and entirely let to major players,' said Laurent Boissin, fund manager of NEIF. 'The transaction diversifies our portfolio and strengthens the returns of our fund.'
Launched at the end of 2010, NEIF focuses on office properties and currently owns total assets of €280 mln.
