BNP Paribas REIM has raised an initial €340m for its European healthcare real estate fund after receiving capital commitments from French, German and Italian pension funds and insurance companies.
The manager said the amount raised by Healthcare Property Fund Europe (HPF) gives the core open-ended fund an investment capacity in excess of €500m.
BNP Paribas REIM said the fund, which was launched last year, plans further closings in the first and second half of the year. The manager is also considering increasing the fund’s initial €1bn gross asset value target due to institutional investor demand.
The fund offers anti-cyclical exposure to the European healthcare market with a mixed allocation to hospitals, rehabilitation clinics and medicalised nursing homes. It has closed on six assets located in Germany, the manager said.
Henri Romnicianu, head of institutional sales at BNP Paribas REIM, said: “Our 10-year track record in the healthcare sector is highly regarded. HPF is a unique investment solution for institutional investors looking for thematic and anti-cyclical exposure to European Healthcare.
”Institutional investors invest in the strategy for its long-term stable cash flows and the regulated assets in key eurozone markets.
Paul Darribère, fund advisor of HPF Europe, said: “HPF Europe has built a strong seed portfolio with properties secured in Germany, Spain and Italy.
“Our transaction managers are analysing a deep pipeline of healthcare opportunities and we are strongly positioned to deploy investor capital.”
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