BNP Paribas Real Estate Investment Management (REIM) has so far raised half of the €400m fundraising target it set for its Eurozone Logistics Fund (ELF).
The manager said commitments from pension funds and insurance companies from France, Italy, Spain, Belgium and Ireland in the last two quarters has helped the ELF fund to raise €200m.
Launched in the third quarter of 2017, the fund focuses on logistics warehouses in the key Eurozone logistics hubs and targets an annual distribution of 5.5%.
The final closing of the fund is anticipated in the summer of this year.
The manager said the fund has recently secured a fourth acquisition in Germany.
Henri Romnicianu, head of institutional Clients, Europe, said: “This new closing demonstrates the European expertise of BNP Paribas REIM and its ability to offer focused strategies to institutional investors from different countries.
“The ELF fund perfectly meets the requirements of pension funds and insurance companies looking for core income-driven strategies backed by long-term structural drivers.”
