BNP Paribas REIM secures the Franklin Haus office building in Berlin. The property is expected to be delivered end of 2020 and targets a LEED Gold green certification. The modern office building features approx. 11,000 sqm of lettable area.
Franklin Haus is located close to the city center in Charlottenburg. This district benefits from its proximity to the Tiergarten, an improving mixed-use area of Berlin. With the Ernst-Reuter-Platz U-Bahn station and Tiergarten S-Bahn station located near the building, it boasts very good access via public transport.
BNP Paribas REIM secured the asset on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg.
Laurent BOISSIN, Fund Advisor for the NEIF III Fund comments: “With Franklin Haus we are in the process of acquiring the first asset in Berlin for NEIF III in an off-market transaction. Since inception, NEIF III has already secured more than EUR 400 million equity commitments from institutional investors and has allocated close to EUR 450 million investments across the Eurozone”.
The European office fund, NEIF III provides strong diversification in the Eurozone countries to international institutional investors and targets a 4% annual distribution.