BNP Paribas Real Estate Investment Management has acquired the D38 office property in Barcelona.
Financial details were not disclosed.
Delivered in 2010, the scheme comprises around 20,000 m2 of space and achieved a LEED Platinum green certification. The asset is fully let to three tenants including a grade A tenant using the building as corporate headquarters.
'With this first investment in Spain, we continue to further improve the geographic diversification of NEIF III. D38 perfectly reflects our fund strategy to invest in sustainable buildings located in established or upcoming locations and delivering a stable cash-flow for our investors,' said Laurent Boissin, fund advisor for the NEIF III fund.
The property is located in the Zona Franca district in the south-west part of Barcelona. BNP Paribas REIM acquired the asset on behalf of its Next Estate Income Fund III (NEIF III), managed by BNP Paribas REIM Luxembourg.
The transaction was managed by BNP Paribas REIM Spain.
NEIF III is a European fund offering diversification in the Eurozone office sector to international institutional investors with a target distribution yield of 4% per annum. The fund has already secured one asset in Paris Metropolitan area and two assets in the German cities of Munich and Dusseldorf.