BNP Paribas Real Estate Investment Management's pan-European fund reached roughly €750 million following its purchase of Fiat Chrysler Automobiles' German headquarters, IPE Real Assets reported.
According to the report, BNP Paribas REIM said Next Estate Income Fund II purchased the 100%-occupied, 10,000-square-meter building in Frankfurt from German developer Lang & Cie.
Next Estate Income Fund II is a pan-European fund, managed by BNP Paribas REIM Luxembourg, which offers diversification in the eurozone office sector to international institutional investors. The fund has an annual yield target of 5%.
