BNP Paribas Real Estate Investment Management’s pan-European fund has reached almost €750m following its acquisition of Fiat Chrysler Automobiles’ German headquarters.
BNP Paribas REIM said Next Estate Income Fund II (NEIF II) has acquired the fully occupied 10,000sqm building in Frankfurt from the German developer Lang & Cie.
Laurent Boissin, fund adviser of NEIF II, said: “This fourth transaction in Germany strengthens the allocation of the fund to core markets in the euro-zone with a focus on sustainable assets.
“The long lease duration coupled with excellent financing conditions support the long-term income distribution profile of the fund.”
Managed by BNP Paribas REIM Luxembourg, NEIF II is a pan-European fund offering diversification in the Eurozone office sector to international institutional investors with a yield target of 5% per annum.