BNP PARIBAS REIM MAKES ITS FIRST ACQUISITION IN FRANCE FOR ITS IMPACT FUND EIPF, WITH A RESIDENTIAL BUILDING IN PARIS 18th
BNP Paribas Real Estate Investment Management (REIM) has bought a building located on 61 rue des Cloÿs in the 18th arrondissement of Paris, on behalf of its European Impact Property Fund (EIPF), launched in late 2020.
With a total surface area of about 1,700 sqm, the asset is a mixed building mainly for residential use. The Haussmann-style building with a cut stone facade is made up of seven levels in a superstructure with long balconies on the second and fifth floors. It consists of 30 apartments and two shops on the ground floor.
The building is located in the Ordener district, in a predominantly residential environment, with many stores and restaurants nearby. The asset enjoys an excellent access to public transport with an immediate proximity to several metro stations and bus stops.
This is the first acquisition in France for the European Impact Property Fund (EIPF). The fund, through diversified investments in Europe, offers international institutional investors a way to get involved in an ambitious investment approach with an environmental impact. EIPF has in fact set itself the goal of becoming the European benchmark for Core diversified funds acting in accordance with the commitments of the Paris 2015 Agreement to have a positive and measurable impact on the climate. In this respect, it is eligible under Article 9 of the SFDR regulation. With this acquisition, BNP Paribas REIM will address climate issues through a program to improve technical installations and services, with the aim of reducing energy losses.
EIPF was launched in December 2020, and has already bought an office building with a total floor area of about 10,000 sqm in Milan (Italy) and a logistics centre with a total floor space of about 35,000 sqm in Nijmegen (Holland). At the end of Q3 2021, the fund had already secured € 300m in investment from institutional European investors.
“ This acquisition on behalf of EIPF shows BNP Paribas REIM’s interest for the residential asset class and above all our ESG commitments while allowing for strong performance thanks to resilient and sustainable assets ”,says Guillaume Delattre, Chief Investment Officer of BNP Paribas REIM France.
“This building fits perfectly with the fund's strategy to deliver a positive impact on assets in the portfolio by significantly reducing greenhouse gas (GHG) emissions in the coming years. BNP Paribas REIM's experience in this area will thereby be applied to a new type of investment asset ”, adds Laurent Ternisien, Chief Client Officer of BNP Paribas REIM and CEO of BNP Paribas REIM Luxembourg.
The transaction was brokered by BRIDGE Real Estate.
In this operation, BNP Paribas was advised by the notarial firm 8ème Acte, the law firm CMS Francis Lefèbvre Avocats and the technical teams of ETYO and ETYO Green Insight.
The sellers were advised by the notarial study Lacourte et Associés.
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