BNP Paribas RE raises €500m for pan-European property fund

BNP Paribas Real Estate has raised more than €500m for a pan-European real estate fund.

The company’s investment management business said pension funds and insurance companies had backed its Next Estate Income Fund II.

Investors from Belgium, France, the Netherlands, Italy, Luxembourg, Spain and Ireland backed the fund, which has an investment capacity of more than €800m.

BNP Paribas Real Estate said the Luxembourg-based fund would be invested in grade-A properties in key euro-zone office cities.

Henri Romnicianu, head of capital raising for pan-European funds, said core European investments continued to present attractive investment opportunities, particularly against the uncertain economic background.

The fund has bought in Paris, Luxembourg, Dublin and Milan.

Laurent Boissin, fund adviser, added: “Since the launch of the fund, NEIF II has already allocated 50% of the equity commitments and will further expand its investment activity in the euro-zone over the next few months, considering properties of up to €150m per asset.”   

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