BNP Paribas Real Estate Investment Management (BNP Paribas REIM) Germany recently welcomed a tech company as the new anchor tenant for around 5,500 sqm at Vital Office in Munich’s Neuhausen district. The new tenant will take-up roughly 70% of total rental space at the office property located near Hirschgarten park under a 10-year lease. The NEIF II fund, which BNP Paribas REIM launched in Luxembourg as a pan-European product, is the owner of the property at Birketweg 31 and 33.
“High demand for space at the property reflects the building quality and the attractive location of the fund’s asset,” says Isabella Chacón Troidl, Chief Investment Officer of BNP Paribas REIM Germany. “Excellent accessibility and close proximity to the new tenant’s other company locations were key criteria in the selection process.” Completed in 2016, the 6-storey office property features total lettable area of almost 7,900 sqm and 90 underground parking spaces. The modern building is located in the immediate vicinity of the city’s main suburban train route and is LEED Gold-certified because of its sustainable design. The previous tenant decided to move out early due to its growing space requirements that could not be met at the location. The new tenant will be leasing parts of the ground floor as well as the entire second to fifth upper floors. The transaction was brokered by CBRE.
The pan-European Next Estate Income Fund (NEIF) II acquired the asset in 2016 prior to completion from development companies Optima-Aegidius-Firmengruppe and IKR Kuschel. The fund, a SICAV-SIF under Luxembourg law, was launched in 2016 and secured over €500m in capital commitments. It offers international institutional investors the opportunity to pursue diversified investment in the European office sector. The fund targets office new-builds with acquisitions to date including properties in Frankfurt, Rome and Vienna.
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