BNP Paribas REIM is delighted to announce the signing of a lease extension with a large French Bank at Glacis (Luxembourg). The bank subsidiary, which is dedicated to investor services, has signed a 3,600-sqm lease extension for a 6-year firm period.
The Fund NEIF II (Next Estate Income Fund II) acquired in 2015, one of the Luxembourg headquarter of the Bank. The property is located in the Limpertsberg district, which has recently benefitted from infrastructure improvements such as the direct connection to the tramway. By improving the WALB and rental income, the property has benefitted from a significant increase in value in 2019.
Laurent Boissin, NEIF II Fund Advisor, comments: “We are glad to maintain the good relation with one of our historical tenants with the signing of this lease extension. This transaction has supported the solid financial performance of NEIF II in 2019. Weighted average distribution and fund IRR since inception keep on outperforming the fund initial targets.”
NEIF II is a pan-European office fund offering diversification in the Eurozone to international institutional investors with a distribution target of 5% p.a. The fund size reached more than €920 million in 2019 with 13 assets held across 6 countries within the Eurozone.