The pan-European Next Estate Income Fund (NEIF), advised by BNP Paribas Real Estate Investment Services, has acquired an office building in Frankfurt for around €65 mln.
The pan-European Next Estate Income Fund (NEIF), advised by BNP Paribas Real Estate Investment Services, has acquired an office building in Frankfurt for around €65 mln.
The vendor was Oaktree Capital Management, represented by its German asset management arm German Acorn. Financing for the deal was provided by German bank Helaba.
The Signaris complex is located at Mainzer Landstrasse and provides 14,000 m2 of office space. The building boasts DGNB -sustainability certification.
'This high-quality building is completely leased and is well located. Its acquisition is in line with our strategy to increase the fund's exposure to the German market,' said NEIF fund manager Laurent Boissin.
Launched in 2010, NEIF currently owns around €200 mln of real estate and is targeting a size of over €300 mln. The vehicle is targeting office buildings across Europe. Last year the fund bought the Hanse Atrium office building in Hamburg for €45 mln and a High-Quality Environmental building in Paris.
In 2013, the fund will be focusing on investments in Italy and Northern Europe.
