NEIF II Fund (Next Estate Income Fund II), managed by BNP Paribas Real Estate Investment Management, has acquired the Spallis building in Paris - Saint-Denis from a fund advised by Meadow Partners.
Located in a well-established office location, Spallis has a surface area of approximately 37,000m². Delivered in 2009, the property obtained the HQE certification. It benefits from an excellent access by public transportation and the efficiency will be strongly reinforced with the further major improvements in relation to the Grand Paris project, particularly the new hub Carrefour Pleyel.
This multi let property is fully occupied by 8 tenants including anchor tenants such a leading French utility company and a major advertising company It displays high quality services: fitness room, company restaurant, cafeteria, lounge, private garden and terraces.
Laurent BOISSIN, NEIF II Fund advisor, commented: “This large transaction reinforces the allocation of the Fund to Tier 1 markets and the excellent market conditions on the financing strongly support the income distribution profile of the Fund.”
