BNP Paribas sells Milan office for €37m

BNP Paribas REIM has sold the Pergolesi building in Milan to an institutional investor for around €37 mln.

The property, acquired in 2013 and BREEAM Good certified, is well-connected to public transport and has a surface area of 5,960 m2.

BNP Paribas REIM sold the asset on behalf of its Next Estate Income Fund (NEIF) managed by BNP Paribas REIM Luxembourg.

'With the sale of Pergolesi, we are pleased to announce the successful completion of the disposal programme of NEIF,' said Laurent Boissin, fund advisor of NEIF.

'The fund performance surpasses significantly the initial objectives and confirms the overall NEIF strategy to invest in sustainable buildings in European top locations. We are looking forward to continuing this success for our investors with our NEIF II and NEIF III funds.'

NEIF is a European fund offering diversification in the Eurozone office sector to international institutional investors. Its successor, NEIF II fund, was launched in 2014 and is now fully invested, with a portfolio gross asset value of over €800 mln euros.

NEIF III fund, launched in 2017, is currently in its investment phase and aims for a distribution of 4% p.a.


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