BNP Paribas Real Estate Investment Management’s (REIM) open-ended European fund has raised an additional €140m.

The manager’s European Impact Property Fund (EIPF), which raised an initial €160m in a first close from investors – including a €100m from Dutch insurance firm ASR – has reached €300m of equity capital commitments.

The insurer BNP Paribas Cardif, a subsidiary of BNP Paribas, has also committed equity to EIPF, alongside other French, Italian and Finnish institutional investors, the manager said.

The Luxembourg-domiciled fund, which seeks to reduce greenhouse gas emissions in line with the 2015 Paris Agreement, is structured as a core European diversified open-ended fund.

“As an investor ASR believes it is important to play a meaningful role in making society more sustainable with its investments. BNP Paribas REIM and ASR shared the idea of launching a Core real estate fund that focuses on having a quantifiable impact on the climate.

“We welcomed the opportunity to work with them to create the fund. We believe that EIPF can successfully combine both quality and sustainability in its portfolio,” Dick Gort, CEO of ASR’s real estate arm said.

Henri Romnicianu, global head of institutional sales at BNP Paribas REIM, said: “We are convinced that EIPF offers an innovative European real estate investment strategy for those investors seeking both stable income and the ability to have a measurable climate impact.

“It has been well received by pension funds and insurance companies from across Europe and, indeed, globally.”

To read the digital edition of the latest IPE Real Assets magazine click here.