BNPP Real Estate launches new pan-European fund
06 October 2009
As BNP Paribas Real Estate looks to expand into three new countries, it is launching a new pan-European 'Next Estate' fund and a French REIT.
BNP Paribas Real Estate (BNPPRE) is already active in France, Italy and the UK, and its investment management activities are to be rolled out in Luxembourg, Belgium and Spain.
Christian Fabert, formerly the CEO of Fortis Private Real Estate will join the executive committee of BNP Paribas Real Estate (BNPPRE). He will be responsible for developing the firm's activity in these three new target countries.
The first new fund it is launching is the ‘Next Estate’ fund, which will invest in office properties across the eurozone and the UK. It is aiming to invest around €600 million with a maximum gearing of 50% and will mainly target institutional investors. Its first close is expected in the first quarter of 2010.
The firm is also looking into launching a REIT for the French market as well as launching fund outsourcing service in Italy.
BNPPRE currently has a total of nearly €10 billion of assets invested in property in Europe, of which €1.8 billion comes from recently acquired Fortis Private Real Estate.
Source: www.citywire.co.uk