NEIF II Fund (Next Estate Income Fund II), managed by BNP Paribas Real Estate Investment Management Luxembourg, has been very active on the investment side over the past months. The fund acquired two new assets late 2016 in Munich and Milan and signed another transaction in Frankfurt early 2017. All three transactions are off-market and totals approximately €200m for a total lettable area of roughly 42,000 m².
NEIF II focuses on selecting properties with a sustainable profile and targets newly-built properties compliant with local environmental standards. In this respect, all three investments are recent or about to be delivered and will benefit from a 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 Boissin, NEIF II Fund Advisor, comments: “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. It offers diversification in the Eurozone office sector to international institutional investors.