BNP Paribas REIM buys an office asset in Milan
The investment activity of the real estate Fund “Fundamenta” managed by BNP Paribas REIM Sgr goes on. After the first acquisition of the building of “Corso Europa 2” in Milan, the Fund bought an office building in Milan, Viale Forlanini 23, that represents the second investment operation since the constitution of the Fund.
“Fundamenta”, fully subscribed by BNP Paribas Cardif Italy, is a closed real estate fund, reserved to institutional investors, with the aim to invest into “core” commercial properties in the major Italian cities of the Centre and North. The Fund has a target size of around € 300 million.
The office property acquired by “Fundamenta” is located in Milan, Viale Forlanini 23, and has a total surface area of around 33,000 square meters.
After this acquisition, the value of “Fundamenta” Fund is about € 150 million. The Fund still has around € 150 million of liquidity available for new investment opportunities that will be finalized in the coming months.
BNP Paribas REIM SGR has been assisted by the law firm Legance and by the advisors REAAS and Habitech Distretto Tecnologico Trentino for the completion of the transaction.
Source: BNP Paribas REIM