BNP Paribas REIM exceeds fundraising target

BNP Paribas Real Estate Investment Management Luxembourg has announced the final closing of Next Estate Income Fund II, exceeding its €500 million ($555 million) target.

The fund will invest in new or recently constructed properties in the key euro zone office markets. The fund recently has disclosed several transactions, including acquisitions in Paris, Luxembourg, Dublin and Milan, and it will continue to look for core office properties in the main gateway cities in the euro zone.

“After this final closing, the investment capacity of NEIF II will exceed €800 million ($888 million),” said Laurent Boissin, fund adviser, in a statement. “Since the launch of the fund, NEIF II has already allocated 50 percent of the equity commitments and will further expand its investment activity in the euro zone over the next few months, considering properties up to €150 million ($166 million) per asset.”