Next Estate Income Fund (NEIF) has acquired an office project in the new district of Claude Bernard in the 19th arrondissement of Paris for around EUR 93 mln.

The office scheme is currently being developed by BNP Paribas Real Estate Development and is entirely pre-leased to the BNP Paribas Group, which has agreed to take a nine-year lease.

The High-Quality Environmental (HQE) scheme is expected to be delivered in March 2012. It offers 15,600 m2 of space across nine floors.

'This first investment will bring high profits and a low risk to our investors, mostly thanks to the quality of the tenant and the potential of the area,' said NEIF director Aurelien Lanfray.

The Claude Bernard district is currently being redeveloped as part of a major urban regeneration programme launched by the City of Paris and the French government. The site covers over 200 hectares between Porte de La Chapelle and Porte de La Villette. The project will create a new district accommodating 70,000 m2 of office space, 1,400 residential units, 34,000 m2 of retail space and a 56,000 m2 shopping centre, as well as new infrastructure and public services facilities.

NEIF is a Luxembourg-registered real estate investment fund focusing on offices. The vehicle, with initial equity of EUR 100 mln and a life term of 10 years, was launched in late 2010 and has commitments of over 500 mln for the next 12 months. It targets investments in the eurozone, focusing on France, Germany, Italy and Benelux.