BNP Paribas REIM announces the acquisition of Fiat headquarter in Frankfirt on behalf of Neif II fund
NEIF II Fund (Next Estate Income Fund II), acquires the German headquarter of Fiat Chrysler Automobiles in Frankfurt – from the German developer “Lang & Cie”. This new transaction brings the Fund size close to €750 million.
Located in the Ostend district, in the Lindley quartier, a newly office area in Frankfurt, this building has an internal area of approx. 10,000 sqm. The property has just been delivered and obtained a LEED Gold green pre-certification. It benefits from a good access by public transportation and has a quick access to the ring road. The property is fully occupied by Fiat Chrysler Automobiles, the world’s seventh-largest car manufacturer.
For Laurent Boissin, Fund Advisor of NEIF II Fund: “this fourth transaction in Germany strengthens the allocation of the Fund to Core markets in the Eurozone with a focus on sustainable assets. The long lease duration coupled with excellent financing conditions support the long-term income distribution profile of the Fund.”
NEIF II fund (Next Estate Income Fund II) managed by BNP Paribas REIM Luxembourg, is a pan-European fund offering diversification in the Eurozone office sector to international institutional investors with a yield target of 5% p.a.
The transaction has been financed by the German bank BayernLB.