BNP Paribas Real Estate Investment Management has been mandated to manage a €600m (£421m) fund on behalf of Gothaer Group.
BNP Paribas REIM will manage the fund in order to build up a commercial real estate portfolio on behalf of the German insurer.
Set up under Luxembourg law, the fund will invest across the eurozone economies, with the exception of Germany.
BNP Paribas REIM will target investments of between €20m and €80m across offices, retail, hotels and logistics on a core and core-plus strategy but can take value-add properties on a manage-to-core basis.
The deployment of the funds will take between three and four years.
The fund will be part of its quota of 7.2% of asset under management into property. At present Gothaer has €2.3bn of property assets.
