BNP Paribas fund breaks €1b barrier with triple office buy

BNP Paribas REIM has acquired three office buildings for its Diversipierre fund to take the total portfolio volume above the €1 bn mark.

The fund spent a total of around €125 mln on the assets in Dublin, Frankfurt and Bordeaux, which have a combined lettable area of around 23,500 m2.

'The One', in Dublin's South Docks area, has undergone a major refurbishment in the last four years, adding a new penthouse and a full remodelling. The seven-storey building plus basement has 4,345 m2 of space and is fully let to technology company Stripe Payments Europe.

The company also acquired Schwedler Carré in Frankfurt from a global alternative asset manager. The seven-storey building in the Ostend district has 8,483 m2 of office space and is 100% leased to a subsidiary of global advertising agency Publicis.

The final purchase is the Tribeque building, a mixed-use project in Bordeaux's Euratlantique district with 10,500 m2 of office space. The building was developed by BNP Paribas Real Estate and acquired on a speculative basis.

Jean-Maxime Jouis, head of fund management at BNP Paribas REIM France, said the fund would continue to concentrate on investing in core markets in the Eurozone. 'These three properties perfectly illustrate our investment strategy in that respect,' he said.

Nils Hübener, global CIO at BNP Paribas REIM, added: 'The three acquisitions for BNP Paribas Diversipierre fund clearly illustrate our sourcing capabilities on a European scale, including also large regional cities such as Bordeaux.'

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