BNP Paribas REIM has acquired a development project in Berlin on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg.
Financial details were not disclosed.
The Franklin Haus office building is expected to be delivered at the end of 2020 and is targeting a LEED Gold green certification.
'With Franklin Haus we are in the process of acquiring the first asset in Berlin for NEIF III in an off-market transaction,' said Laurent Boissin, fund advisor for the NEIF III fund.
'Since inception, NEIF III has already secured more than EUR 400 million equity commitments from institutional investors and has allocated close to €450 mln investments across the Eurozone,' Boissin added.
The modern office building features approx. 11,000 m2 of lettable area and is located close to the city center in Charlottenburg.
