BNP Paribas Real Estate Investment Management (REIM) has acquired a building located on Via Melzi D’Eril 34 in Milan on behalf of the NEIF III fund (Next Estate Income Fund III), from the “AREF Sunshine” Fund managed by Prelios SGR and fully invested by Ardian Real Estate European Fund I.
The asset is strategically located in the heart of Milan, in one of the most historic and trendy neighborhoods of the city and accounts for a total surface of about 5,500m² mainly dedicated to office use. Just a few minutes away from the Sempione Park, the biggest park in Milan, it makes an ideal location for tenant wellbeing with large green external areas nearby.
Built between 1925 and 1930, it was fully refurbished in 2022 to be a modern office building with flexible and sustainable office spaces. The ESG aspect is one of the key point of this project as it aims to obtain four certifications: Leed Platinum, BREAAM Very Good, WiredScore and Well Silver. In addition, the asset is already aligned with the objective of reaching net zero in carbon emissions by 2050, set by the Paris Agreement.
Dorothea Koestler, Fund Manager for BNP Paribas REIM commented: “This acquisition fits perfectly with the fund’s strategy as it is a historic office building with top covenants and located in Milan, a strategic city in the Eurozone. In addition, the asset is an example in terms of ESG in the real estate sector as it has four certifications and is aligned with the Net Zero by 2050 objective set by the Paris Agreement. Thus, it respects the environmental commitments of BNP Paribas REIM, who aims for greater sustainability for all of its funds.”
Pietro Moro, Head of Acquisition Italy for BNP Paribas REIM explained: “The investment - on behalf of NEIF III - confirms our interest on prime assets. The key characteristics of the building in terms of both real estate fundamentals and highest environmental certifications, as well as its location, are fully aligned with our investment strategy toward the office market where efficiency, wellbeing and the “experience” are becoming more and more important to attract high standing tenants.”
