BNP Paribas REIM has acquired the “Gaurico” building in Rome.
BNP Paribas REIM acquired the asset on behalf of its Next Estate Income Fund II (NEIF II), managed by BNP Paribas REIM Luxembourg.
The asset is a multi-tenant office complex and fully let. Built in 2012, the building features approximately 80,000 square feet of total office area offering class A office accommodation in a prime office location.
The property is located in the EUR Laurentina area, where many high-tech and industrial companies such as Mitsubishi and ENEL are established, with a very good connection to the public transport.
“We are pleased to announce the successful completion of the acquisition phase of NEIF II,” said Laurent Boissin, fund adviser for the NEIF II fund. “The acquisition of ‘Gaurico’ represents the 12th transaction on behalf of Next Estate Income Fund II and the fund volume stands now at above €800 million [$937 million]. This last acquisition is perfectly in line with the fund strategy, aiming a geographic diversification in the main cities of the euro zone with a focus on sustainability.”
NEIF II is a European fund offering diversification in the euro zone office sector to international institutional investors. NEIF II closed in 2016, exceeding its €500 million ($555 million) target.
Its successor NEIF III fund launched in 2017 and has started its investment phase in the euro zone. Its first acquisition was the “Fantastic 44” building located in Kennedydamm, an established submarket of Duesseldorf. At the time, the office property was under way as a redevelopment project. The asset totals a lettable area of approximately 135,000 square feet and was delivered in fourth quarter 2017 with a DGNB Gold certification.
NEIF III has a target fund size of €1.8 billion ($2.11 billion) and aims to create a pan-European portfolio of modern, “green” office properties let to highly-rated occupiers.
