The Next Estate Income Fund II, managed by BNP Paribas Real Estate Investment Management, has raised a further €80 mln of equity at second closing, coming closer to its target of raising €500 mln by June.

New institutional investors from Spain, Belgium & France committed the equity in the fund, which invests in Grade A properties in the key Eurozone office cities.

NEIF II is a Luxembourg-based regulated pan-European Fund with a distribution target of 5%.

'This new closing strengthens the international profile of the Fund with Investors coming from Belgium, France, Italy, Luxembourg, Ireland and Spain, and confirms that the strategy of the fund perfectly meets the requirements of pension funds and Insurance companies looking for income-driven strategies and allocation to the key European cities,' said Henri Ronmicianu, head of Capital Raising for pan-European funds at BNP Paribas REIM.

Last week the fund acquired the Spallis building in Paris - Saint-Denis from a fund advised by Meadow Partners.

Delivered in 2009, Spallis provides around 37,000 m2 of space and is fully occupied by eight tenants including a leading French utility company and a major advertising company.