BNP Paribas REIM in debut for impact fund

BNP Paribas Real Estate Investment Management has completed the first acquisition for its European Impact Property Fund (EIPF). 

The French firm has acquired the 114,097 ft2 Via Benigno Crespi 26 office in Milan from US company Hines for an undisclosed sum. It was owned by Hines' European Core Fund. The present building is a redevelopment of a block in 2012. Richemont, the luxury jewellery company, is a major tenant. 

The asset is located next to the Scalo Farini project which will be the third largest park in the city, hosting a green zone of over 300,000 m2 and designed to act as an “ecological filter”, aiming to significantly reduce the carbon footprint of the city.

EIPF is a SICAV-SIF based in Luxembourg. The core open-end fund managed promises investors ‘to go one step beyond’ established practices with a climate-impact-investing approach. The diversified fund has attracted around €300 mln of equity commitments since its launch in November 2020.

Vincenzo Nocerino, CIO of BNP Paribas REIM Italy, said, ‘This transaction represents a very important step for BNP Paribas REIM, who is committed to being a frontrunner in ESG strategies.'

Laurent Ternisien, chief client officer of BNP Paribas REIM and CEO of BNP Paribas REIM Luxembourg, stressed the importance of the deal.

‘This first acquisition is clearly a significant milestone for EIPF, the first pan-European property fund aiming for alignment with the 2015 Paris Climate Agreement,’ he said.

Orrick was legal advisor, FiveLex Studio Legale e Tributario worked on the tax aspects and Savills was the technical and ESG advisor.



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