French fund manager BNP Paribas REIM has made two acquisitions in France for a total of EUR 229 mln. The transactions were completed on behalf of BNP Paribas' new OPCI funds, TPF1 (Technical Property Fund 1) and TPF2 (Technical Property Fund 2). These unlisted investment vehicles are intended for institutional parties and were launched in July and December 2008.
French fund manager BNP Paribas REIM has made two acquisitions in France for a total of EUR 229 mln. The transactions were completed on behalf of BNP Paribas' new OPCI funds, TPF1 (Technical Property Fund 1) and TPF2 (Technical Property Fund 2). These unlisted investment vehicles are intended for institutional parties and were launched in July and December 2008.
TPF2 signed an agreement at end 2008 for the acquisition of a portfolio of six logistics sites leased to La Poste, for a total of EUR 128.7 mln. This deal was financed by 40% of debt provided by HSBC. The equity share has been provided by two French institutional investors and the real estate arm of La Poste, Poste Immo. BNP Paribas REIM was advised by law firms Thibierge (Maître Fremeaux) and Bird & Bird.
In addition, BNP Paribas REIM, on behalf of TFP1, purchased a portfolio of 29 office buildings leased to France Télécom from Foncière des Régions for a total of EUR 100 mln. This operation was financed by 30% of debt, and 70% of equity provided by French institutional investors and international investment funds. BNP Paribas REIM was advised by Baker & McKenzie and Thibierge (Maître Fremeaux).
Jacqueline Faisant, president of BNP Paribas REIM, said that 'the launch of these OPCIs confirm the company's ability in bringing value to investors despite the difficult market climate'. 'The new year will be an opportunity for us to confirm our commitment to the OPCI sector with the launch of new institutional products and with the launch of our first OPCI retail fund.'
