BNP Paribas Diversipierre - Capturing the potential of European Real Estate

BNP Paribas Diversipierre is a real estate fund providing exposure to commercial real estate assets located in various cities across the Eurozone. Its blend of exposures to diverse real estate vehicles and asset classes offers its investors access to liquidity.

Alexis ROBERT, Fund Manager

Risk of capital loss

The fund does not guarantee or protect the capital invested. Investors’ attention is drawn to the fact that the capital invested may not be recovered in full, even if investors retain their Shares for the entire recommended term of investment.

* Investors and prospects are informed that any subscription of shares in the fund or redemption of shares from the fund might take up to 7 working days to execute from the limit date of orders centralisation.

On October 1st, 2022 BNP Paribas Securities Services (BP2S), custodian bank of your OPCI, has merged with its parent company BNP Paribas. BNP Paribas becomes the fund's custodian bank, without affecting the functions and operations implemented by the management company BNP Paribas Real Estate Investment Management France. 

The Combined General Meeting of Shareholders of BNP Paribas Diversipierre - held on January 26th 2023 at 10:30 AM - approved the creation of new share classes.

_{* We recommend a holding period of 8 years. Investors and prospects are informed that any subscription of shares in the fund or redemption of shares from the fund might take up to 7 working days to execute following the date from the limit date of orders centralisation.}

Risk of capital loss
_{The fund does not guarantee or protect the capital invested. Investors’ attention is also drawn to the fact that the fund may not perform in line with its objectives and that the capital invested may not be recovered in full, even if investors retain their Shares for the entire recommended term of investment.}

Liquidity risk
_{The fund is exposed to liquidity risk as a result of low liquidity in the property market. Property sales require considerable time, which may be extended during periods of tension in this market. Consequently, the fund may find itself in a position where it is obliged to sell property at prices that are lower than their expert valuations. In such circumstances, there will be a negative impact on the net asset value of the fund.}

Sustainibility risks
_{The FUND is exposed to sustainability risks, defined as any event or situation related to the environment, society or governance, which, if it occurs, may have a significant negative impact, whether actual or potential, on the income generated by the investment and/or its value. Environmental risk is the main ESG risk when it comes to managing property investments and may include both physical risks (for example, an extreme climate event) and risks associated with changes in circumstance (any new environmental regulation that may lead the FUND to incur direct or indirect expenditure). For example, new regulations may lead to the early obsolescence of the Fund’s property assets. If no corrective measures are taken, this could affect the value and/or liquidity of the asset on the investment market and/or its attractiveness for potential lenders. Investors are made aware of any potential capital expenditure that the FUND may incur to the extent necessary to maintain the value and liquidity of these assets. Such expenditure, if applicable, may temporarily reduce the income generated by the investment and, consequently, the return from the investor’s distribution.
Owing to the nature of sustainability risks and specific issues such as climate change, the likelihood that sustainability risks will have an impact on returns on financial products is likely to increase in the longer term.}

DOCUMENTS

Type : Fund

Date of inception : 01/01/2014

Funds currency : EUR

ISIN : FR0011129717

Legal

Articles of association [pdf - 228 Ko]

14.01.2022 KPIs & Historical returns [pdf - 48 Ko]

30.12.2022 KPIs & Historical returns [pdf - 73 Ko]

13.01.2023 KPIs & Historical returns [pdf - 73 Ko]

31.01.2023 KPIs & Historical returns [pdf - 74 Ko]

15.02.2023 KPIs & Historical returns [pdf - 75 Ko]

28.02.2023 KPIs & Historical returns [pdf - 103 Ko]

15.03.2023 KPIs & Historical returns [pdf - 73 Ko]

Key Information Document 28 February 2023 [pdf - 203 Ko]

Merger of BNP Paribas Securities Services and BNP Paribas - French only [pdf - 606 Ko]

Prospectus [pdf - 765 Ko]

Addendum -  Additional informations specifics to Italian Investors [pdf - 171 Ko]

Addendum -  Additional informations specifics to Greek Investors [pdf - 170 Ko]

Addendum -  Additional informations specifics to Luxembourg Investors [pdf - 125 Ko]

Booklet for Combined General Meeting of Shareholders of 26/01/2023 - BNP Paribas Diversipierre [pdf - 1 575 Ko]

Life of the funds

Monthly report as at 28 February 2023 [pdf - 439 Ko]

Monthly report as at 31 January 2023 [pdf - 447 Ko]

Quarterly report as at 30 December 2022 [pdf - 493 Ko]

Monthly report as at 30 December 2022 [pdf - 446 Ko]

Monthly report as at 30 November 2022 [pdf - 373 Ko]

Monthly report as at 31 October 2022 [pdf - 351 Ko]

Quarterly report as at 30 September 2022 [pdf - 439 Ko]

Monthly report as at 30 September 2022 [pdf - 389 Ko]

Monthly report as at 31 August 2022 [pdf - 322 Ko]

Monthly report as at 29 July 2022 [pdf - 297 Ko]

Quarterly report as at 30 June 2022 [pdf - 434 Ko]

Monthly report as at 30 June 2022 [pdf - 334 Ko]

Monthly report as at 31 May 2022 [pdf - 372 Ko]

Monthly report as at 29 April 2022 [pdf - 407 Ko]

Quarterly report as at 31 March 2022 [pdf - 443 Ko]

Monthly report as at 31 March 2022 [pdf - 394 Ko]

Monthly report as at 28 February 2022 [pdf - 385 Ko]

Monthly report as at 31 January 2022 [pdf - 387 Ko]

Monthly report as at 31 December 2021 [pdf - 327 Ko]

Quarterly report as at 31 December 2021 [pdf - 457 Ko]

Quarterly report as at 30 September 2021 [pdf - 327 Ko]

Risk of capital loss
_{The fund does not guarantee or protect the capital invested. Investors’ attention is also drawn to the fact that the fund may not perform in line with its objectives and that the capital invested may not be recovered in full, even if investors retain their Shares for the entire recommended term of investment.}

Liquidity risk
_{The fund is exposed to liquidity risk as a result of low liquidity in the property market. Property sales require considerable time, which may be extended during periods of tension in this market. Consequently, the fund may find itself in a position where it is obliged to sell property at prices that are lower than their expert valuations. In such circumstances, there will be a negative impact on the net asset value of the fund.}

Risks associated with the property market
_{Property investments made by the fund are directly or indirectly subject to the risks inherent in the ownership and management of property assets. In this respect, the performance and development of the invested capital is exposed to the risk associated with fluctuations in this asset class. Numerous factors (generally linked to the economy or more specifically to the property market) may have a negative impact on the value of the assets or participating interests held by the FUND and on its Net Asset Value. For more information, please refer to prospectus. The prospectus can be downloaded here.}

Specific risks associated with development and off-plan sales transactions
_{The fund may engage in development transactions (property development contracts, delegated project management contracts etc.) and off-plan sales (VEFA) transactions, which are likely to expose it to the following risks:}

• _{Project management construction risks;}
• _{Risk of default by the developer, project manager or general contractors;}
• _{Risk of time-delayed revenue collection between completion of construction and rental of the building.}

_{Development transactions expose the FUND to a potential reduction in Net Asset Value due to non-collection of rents, depreciation of fixed capital or technical disputes.}

Counterparty risk
_{The FUND is exposed to counterparty risk: - on the property market, which may result in a loss of income in the event of non-payment by one or more tenants, which could lead to a fall in the Net Asset Value of the fund; - on forward financial instruments markets when one of the counterparties with whom a contract has been concluded fails to honour its commitments (for example, payment or repayment), which may lead to a fall in the net asset value.}

Credit risk
_{A fall in an issuer’s credit quality may cause the value of the securities issued by the issuer to fall and lead to a decrease in the FUND’s net asset value.}

Risk associated with the use of debt
_{The Management Company reserves the right to enter into debt in order to finance acquisitions and other work.
Under these conditions, fluctuations in the property market may have a considerable impact on the ability to repay the debt and fluctuations in the credit market may limit funding sources and significantly increase the cost of this funding. Leverage results in an increase in the investment capacity f the FUND and its performance but also in the risk of loss.}

Interest rate risk
_{Interest rate risk is the risk that interest rate instruments may depreciate in value due to changes in interest rates. For example, an increase in interest rates is likely to reduce the market value of a fixed-rate bond. As the FUND may be invested in bond instruments or debt securities, an increase in interest rates may cause the net asset value to fall.}

Currency risk
_{As part of the financial component's management, and more specifically as part of the strict framework for managing securities of listed REITs eligible to form part of the FUND's assets according to clause 2.3.b.i, the FUND may be required to hold securities denominated in currencies other than the euro. For reasons of clarity, it must be noted that other types of assets eligible to form part of the FUND's assets will be denominated in euro. Although a large part of the FUND's investments, income and expected expenses are denominated in euro, the FUND's activities as part of the strict framework for managing securities of listed REITs property companies may therefore be subject to risks of volatility in general exchange rates. For investments denominated in a foreign currency, the value of the investment in local currency will vary according to exchange rate fluctuations. The FUND may seek, at its discretion, to hedge the currency risk associated with the FUND's assets in countries that do not use the euro as their main currency. There is a risk that the hedging will not eliminate the full risk associated with the hedged amount. Moreover, as the hedging is only partial by design, the FUND remains exposed to the risk for any unhedged amount. Furthermore, there is no guarantee of the stability of the euro during the lifetime of the FUND. The payment of income and capital gains generated by the investments made by the FUND in some countries may depend on the existence of liquidity in the local currency concerned. It may be impossible or unfeasible to hedge the currency risk to which the FUND is exposed.}

Equity risk
_{The FUND may be invested partly in property company shares. Equity markets may fluctuate significantly, with prices rising and falling sharply, and this will have a direct impact on the growth of the net asset value. Equity risk is also linked to small- and mid-cap company risk. The volume of securities listed on small- and mid-cap markets is relatively low. In the event of issues associated with low liquidity of these securities, these markets may experience greater, more significant and more rapid downturns than large-cap markets. Therefore, if the FUND is invested in equity markets, the net asset value of the FUND could fluctuate significantly, both upwards and downwards, particularly in periods of high volatility on the equity markets.}

Risk associated with the use of derivative instruments
_{The FUND may use derivative instruments to hedge against adverse market exposure. There may be a risk of imperfect hedging that makes it impossible to fully protect the FUND from a fall in the value of the hedged assets. The net asset value of the FUND could therefore be affected.
The derivative products used may have low liquidity. Furthermore, the termination of a derivative product for any reason may have an adverse effect on the FUND’s net asset value.}

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