NEXT ESTATE INCOME FUND III : ACQUISITION IN LUXEMBOURG

BNP Paribas REIM on behalf of its Next Estate Income Fund III (NEIF III) agreed with Grossfeld PAP on the sale of the Kockelscheuer office project in Luxembourg. The property is expected to be delivered in Q1 2022 and aims at granting a BREEAM Excellent green certification. The five-storey office building features approx. 4,090 sqm of office lettable area fully let under a firm 12-year lease agreement. Kockelscheuer is located in the Cloche d’Or district of Luxembourg.

 Laurent BOISSIN, Fund Advisor of the NEIF funds comments: “Kockelscheuer is perfectly in line with the Fund strategy focusing on green certified recent office buildings located in the most liquid markets in the Eurozone. The 12-year lease agreement matches our investors’ needs for stable and long term income. NEIF III has now allocated close to EUR 550 million investments through 8 projects across four countries”.

 The Open-ended office fund, NEIF III provides a strong diversification in the Eurozone countries to international institutional investors. The fund has already secured one transaction in France, 4 in German top cities, 2 in Spain and one in Luxembourg.