The Italian fund management arm of BNP Paribas REIM has announced the sale of a hypermarket in the Via Larga shopping centre in Bologna, Northern Italy, to local hypermarket group Gruppo Nordiconad for over EUR 31 mln. The property was owned by the BNL Portfolio Immobiliare fund, which is currently in liquidation. The proceeds from the sale will be used to reduce the fund's debt burden, BNP said.
The Italian fund management arm of BNP Paribas REIM has announced the sale of a hypermarket in the Via Larga shopping centre in Bologna, Northern Italy, to local hypermarket group Gruppo Nordiconad for over EUR 31 mln. The property was owned by the BNL Portfolio Immobiliare fund, which is currently in liquidation. The proceeds from the sale will be used to reduce the fund's debt burden, BNP said.
Gruppo Nordiconad, which back in 2002 sold the asset to BNP, has decided to exercise its option to re-purchase the property.
Separately, BNP Paribas REIM SGR has announced the launch of the Immobiliare Negri real estate fund, which will be managed on behalf of the Italian private pension fund, Mario Negri.
The vehicle, with a life term of 20 years, has received a EUR 50 mln equity injection from the pension fund, and is targeting a maximum size of EUR 200 mln in subsequent fundraisings. Alessandro Baldi, president of Mario Negri, said the operation will allow the group 'to diversify its investments, with the aim of stabilising total returns for its clients'.
BNP Paribas REIM SGR was awarded the mandate to create and manage the fund following a public bidding process launched in 2010.
