BNP Paribas Real Estate Investment Management (REIM) has made the first investment in France for its European Impact Property Fund (EIPF).
The 1,700sqm building located on 61 rue des Cloÿs in the 18th arrondissement of Paris, houses 30 apartments and two shops on the ground floor.
It is the third acquisition of EIPF, which was launched in 2020 as a sustainable fund, eligible under Article 9 of the EU’s Sustainable Financial Disclosure Regulation (SFDR).
BNP Paribas REIM said it had “set itself the goal of becoming the European benchmark for core diversified funds acting in accordance with the commitments of the Paris 2015 Agreement to have a positive and measurable impact on the climate”.
So far, EIPF has acquired a 10,000sqm office building in Milan in Italy and a 35,000sqm logistics centre in Nijmegen in the Netherlands. At the end of September, the fund had secured €300m from European institutional investors.
“This acquisition on behalf of EIPF shows BNP Paribas REIM’s interest for the residential asset class and above all our ESG commitments while allowing for strong performance thanks to resilient and sustainable assets”, says Guillaume Delattre, CIO of BNP Paribas REIM France.
Laurent Ternisien, chief client officer of BNP Paribas REIM and CEO of BNP Paribas REIM Luxembourg, said: “This building fits perfectly with the fund’s strategy to deliver a positive impact on assets in the portfolio by significantly reducing greenhouse gas emissions in the coming years.”