BNP Paribas Real Estate Investment Management (REIM) has launched the European Impact Property Fund (EIPF), the company’s first property fund following the goals set out in the 2015 Paris Agreement.
EIPF, a core diversified open-end fund, is structured as a SICAV-SIF and is based in Luxembourg. EIPF has completed a first close, securing €160 million ($193 million) of equity capital commitments, including €100 million ($121 million) from a major European insurance company and another French institutional investor.
EIPF expects to reach a gross asset value of more than €1 billion ($1.2 billion) during the next couple of years.
The real estate sector is responsible for 39 percent of all global greenhouse gas emissions, according to the World Green Building Council. EIPF’s goal is to be the first fund compliant with the 2015 Paris Agreement, targeting a 40 percent reduction of emissions within 10 years across its entire European portfolio.
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