BNP Paribas REIM holds €475m close for third Next Estate Income Fund

European investment management company BNP Paribas REIM has announced a new closing on its Next Estate Income Fund (NEIF) III, with an aggregate of €475 million ($540 million) in equity commitments.

The fund is a SICAV-SIF, an onshore Luxembourg investment fund.

Launched in 2017, the fund focuses on core and green office buildings in key cities within the euro zone. It held prior closings in 2018 and early 2019 and consists of institutional investors from six European countries, who have committed capital totaling €700 million ($797 million).

According to Henri Romnicianu, head of institutional clients in Europe, more than €1.2 billion ($1.4 billion) has been raised in total for the Next Estate Income Funds series.

The previous fund in the series, NEIF II, held a final closing in June 2016 with commitments exceeding its target of €500 million ($569 million). The fund aimed to deploy capital in new or recent properties in the key euro zone office m