BNP Paribas Real Estate Investment Management (REIM) has acquired on behalf of the NEIF III (Next Estate Income Fund III) a property located in Milan, from the "AREF Sunshine" Fund managed by Prelios SGR and wholly owned by Ardian Real Estate European Fund I. The property was acquired in part with a Green Loan issued by Bayerische Landesbank, as lending bank, assisted by Osborne Clarke. 

The asset is strategically located in the heart of Milan, in one of its most historical and fashionable districts, and has a total area of approximately 5,500 sqm mainly dedicated to office use. Located just a few minutes from Parco Sempione, the largest park in Milan, it is an ideal location for the well-being of its occupants, with large outdoor green areas nearby. Built between 1925 and 1930, it was completely renovated in 2022 to become a modern office building with flexible and sustainable spaces. The ESG aspect is one of the key points of this project, which aims to achieve four certifications: Leed Platinum, BREAAM Very Good, WiredScore and Well Silver. Moreover, the asset is already aligned with the goal of achieving zero net carbon emissions by 2050, as set by the Paris Agreement.

Osborne Clarke advised Bayerische Landesbank with a multi-disciplinary team led by partner Andrea Pinto, assisted by lawyer Giulia Lauria and trainee Sofia Stefani (banking), partner Giorgio Lezzi and associate Angelo Maria Quintieri (administrative law, urban planning and green loan eligibility aspects) and senior lawyer Roberto Salis (real estate).

Orrick and Fivelex advised BNP.
Linklaters advised the vendor.

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