BNP Paribas Real Estate Investment Management (BNP Paribas REIM) announced on Wednesday that its recently launched European Impact Property Fund (EIPF) has reached €300 mln of equity commitments including €100 mln from Dutch Insurance company, the fund's cornerstone investor.
Insurer BNP Paribas Cardif, a subsidiary of BNP Paribas, has also committed equity to the fund as part of its strategy to accelerate investments with a positive impact, with other investors including institutions from France, Italy and Finland.
EIPF sets an ambitious target to be the first Core European Diversified Fund compliant with the 2015 Paris Agreement in line with the International Energy Agency (IEA) trajectory and to deliver a positive and measurable climate impact.
The climate strategy will be implemented under a combination of Capex, Opex and strong stakeholders’ engagements. The fund has also put in place a climate reporting system to quantify the fund’s positive impact on assets and to measure the success of reducing GhG emissions thereby contributing to the low carbon transition.
Structured as a Core European Diversified Open-Ended Fund, EIPF has secured transactions in France, Italy, the Netherlands and Germany across multiple sectors including residential, logistics, alternatives and offices. The fund has already begun making income distributions; and is currently progressing on further investment opportunities in four different countries.
'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,' said Henri Romnicianu, global head of Institutional Sales at BNP Paribas REIM.
