BNP Paribas has officially launched its new fund Fondo Immobiliare - Comune di Milano II following the signing, at the end of December 2010, of an agreement with the Municipality of Milan, which is providing 50% of the real estate assets.

The portfolio transferred consists of 65 units in and outside Milan with a total asset value of approximately EUR 120 mln. The Municipality of Milan is contributing EUR 60 mln in exchange for Fund units.