BNP Paribas Real Estate Investment Management has raised €475m for Next Estate Income Fund III, the first open-ended vehicle in the series.

The pan-European fund, which follows two closed-ended vehicles, was launched in 2017 and raised further capital in 2018 and early 2019.

It focuses on core and green office bulidings in eurozone countries, and has €700m of investment capacity, when factoring in leverage, BNP Paribas REIM said.

“More than €1.2bn have been raised in total for the Next Estate Income Funds line,” said Henri Romnicianu, head of institutional clients for Europe.

“These funds benefit from a strong ‘repeat investors’ ratio, with several investors committed in all three funds.”