French insurer Groupama's real estate asset management unit said it has received the green light from French market watchdog AMF to set up two new institutional real estate funds.

French insurer Groupama's real estate asset management unit said it has received the green light from French market watchdog AMF to set up two new institutional real estate funds.

Groupama Gan REIM, which was founded in December last year by owners Groupama Immobilier (60%) and Groupama Gan Vie (40%), will launch a retail and an office investment fund, respectively known as the Groupama Gan Retail France OPCI investment vehicle and the Groupama Gan Paris La Défense Office OPCI fund. The office fund will aim to build a portfolio of assets in Paris, La Défense and the French capital's inner suburbs.

The firm said it is also working on an SCPI fund for retail investors that will be known as Affinités Pierre.

Groupama is targeting assets under management of €300 mln by the end of the year. In April, it established its first OPCI fund, Groupama Gan Pierre 1, which has invested in a 6,000 m2 office complex in Compiègne.