BNP Paribas Real Estate Investment Services has raised roughly EUR 220 mln of capital from two unnamed French life insurers for a new investment fund.

In a statement this week, the company said the vehicle has signed a preliminary agreement to acquire two office development projects in the Ile de France region from BNP Paribas Immobilier's development arm. The assets boast a High-Quality Environmental Construction and BBCEffinergie certifications and are due for completion in 2014.

The company declined to reveal further information on the operation, including the name of the projects being acquired.

BNP Paribas Real Estate Investment Services will manage the fund.

The company was advised by law firm Jones Day.