BNP Paribas raises €320m for real estate fund
BNP Paribas Real Estate has raised €320 million ($342.5 million) for its Next Estate Income Fund II, according to a statement.
Investments in the fund have come from pension funds and insurance companies in France, Ireland, Italy, Luxembourg and Spain . The fund now has an investment capacity of more than €500 million ($535.2 million) and will invest in class A properties in key euro zone office cities.
The fund has acquired two properties so far, in Düsseldorf, Germany, and Lyon, France, and is expected to close on a new deal in Milan before the end of this year. A 80,729-square-foot property near the Jean Jaures metro station in Lyon was purchased by the fund in September 2015 and is fully leased to French consulting company Capgemini.
The fund is targeting €800 million ($856.4 million) in equity commitments, and a final closing is expected in second quarter 2016.