The NEIF II Fund (Next Estate Income Fund II), managed by BNP Paribas Real Estate Investment Management, has acquired Via Tortona 37 building in Milan for an investment volume of around €30m.
Located in the inner-ring of Milan and established in the Fashion District, thE 6,800m2 high-quality modern building, completed in 2009, is part of the White & Green complex. The property is fully let for a term of eight years to the worldwide leading advertisement company Young & Rubicam, owned by WPP Group.
As NEIF II Fund Advisor, Laurent Boissin commented: “This deal fully supports the fund’s strategy to deploy capital on the key office eurozone markets. These recent and modern buildings benefit from a competitive edge to attract and maintain grade-A tenants”.
NEIF II is a Luxembourg-based regulated pan-European Fund managed by BNP Paribas Real Estate Investment Management. It offers diversification in the eurozone office sector to international institutional investors with a distribution objective of 5%. The fund will have its final closing in June 2016 and is expected to reach €500m of equity commitments.
