BNP Paribas REIM, acting on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg, has acquired “D38” office property in Barcelona, Spain. Delivered in 2010, this avant-garde architecture building totals c.20,000m² and holds a LEED Platinum green certification. The asset is fully let to three tenants including a grade A tenant using the building as corporate headquarter. The purchase price was not disclosed.
The property is located in the Zona Franca district in the south-west part of Barcelona, which has attracted international and national corporations thanks to its constantly improving infrastructure and services. The Zona Franca district is an upcoming area with one of the highest growth potential in the city.
Laurent Boissin, Fund Advisor for the NEIF III fund, comments: “With this first investment in Spain, we continue to further improve the geographic diversification of NEIF III. D38 perfectly reflects our fund strategy to invest in sustainable buildings located in established or upcoming locations and delivering a stable cash-flow for our investors.”