BNP Paribas raises €475m for sustainable office fund

French investment manager BNP Paribas REIM has raised €475 mln for its Next Estate Income Fund III (NEIF), the company has announced.

The fund attracted institutional investors in six European countries with its focus on sustainability.

NEIF III is a perpetual fund focusing exclusively on core and green office buildings in the key cities in the Eurozone, offering a target yield of 4%. BNP Paribas REIM launched the fund in 2017, with closings taking place last year and earlier this year.

Henri Romnicianu, BNP Paribas’ head of institutional clients in Europe, said: ‘More than €1.2 bn has been raised in total for the Next Estate Income Funds line. These funds benefit from a strong “repeat investors” ratio with several investors committed in all three funds.

‘NEIF III perfectly meets the requirements of pension funds and insurance companies looking for core office exposure to the most long-term attractive cities of the continent along with a manager demonstrating an established and solid track-record.’          

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