The Next Estate Income Fund II, managed by BNP Paribas Real Estate Investment Management, has acquired the Spallis building in Paris - Saint-Denis from a fund advised by Meadow Partners.

Financial details were not disclosed.

Delivered in 2009, Spallis provides around 37,000 m2 of space and is fully occupied by eight tenants including a leading French utility company and a major advertising company.

'This large transaction reinforces the allocation of the fund to tier 1 markets and the excellent market conditions on the financing strongly support the income distribution profile of the fund,' said NEIF II's fund advisor Laurent Boissin.

NEIF II is a Luxembourg-based regulated pan-European Fund with a distribution target of 5%. The vehicle is scheduled to hold its final closing in June 2016, bringing equity commitments to €500 mln.

BNP Paribas Real Estate Investment Management financed the transaction with Natixis (agent), La Banque Postale Crédit Entreprises and Banque Palatine. The seller was advised by Strategies and Corp.