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BNP Paribas, Casino Launch $673M Retail Fund

PARIS-The joint venture has already invested $214 million in 32 properties.

By Allan Saunderson | Updated on March 29, 2010

PARIS-BNP Paribas Real Estate Investment Management has launched a new French OPCI real estate fund with the aim of investing $673 million in retail property within the next three years.

The fund has been set up in partnership with supermarket group Casino – also the major shareholder behind the Polish developer Mayland – and has already invested $214.2 million in 30 Leader Price stores in southwest France, a Géant hypermarket in Argenteuil, and a shopping arcade and retail park in Castelnaudary which is due to be delivered in early 2012. This initial investment was 50% financed by a loan from BNP Paribas.

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