NEIF II Fund (Next Estate Income Fund II), managed by BNP Paribas Real Estate Investment Management Luxembourg, acquires the building A of the Business Center Glacis in Luxembourg from a fund managed by HSBC Trinkhaus Real Estate GmbH Düsseldorf.
Located in the Limpertsberg district, a recognised office location fringe Luxembourg CBD, the building A of the Business Center Glacis has a surface area of approximately 5,100 sqm. Delivered in 2004, the Property should benefit in 2020 from the first tram line of Luxembourg City with a tramway station located in the immediate vicinity. The property is let to well-known tenants including a leading custodian bank and a global specialist law firm.
As NEIF II Fund Advisor, Laurent BOISSIN comments: “The acquisition of this property located on the edges of Luxembourg CBD allows the Fund to increase its diversification throughout the euro zone, Luxembourg being one of the most stable and growing economy in Europe”.
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 €500 million of equity commitments.
BNP Paribas Real Estate Investment Management Luxembourg financed this transaction with the Bayern LB bank.