BNP Paribas Asset Management Alts (BNPP AM Alts) has raised €3 billion following a final close for its dedicated Enhanced Commercial Real Estate Debt fund.
The vehicle is designed to build a portfolio of loans between €50 million and €500 million, secured against institutional‑quality, well‑located assets. The strategy’s primary focus will be the origination of senior‑ranking loans at leverage levels higher than those typically available from banks, alongside development and transitional financing to fund construction, redevelopment and transitional projects. The strategy may also invest selectively in junior debt where the risk‑return profile is compelling.
The manager says continued bank retrenchment from European real estate lending, driven by tighter regulatory capital and liquidity requirements, has increased demand for alternative sources of finance, particularly for development and refurbishment projects. Moreover, capital expenditures (capex) re
