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BNP Paribas launches new fund

BNP Paribas Real Estate said yesterday it plans to launch a UK commercial property fund for institutional investors and is seeking £150m of commitments for it by end-2009. The property adviser, a BNP Paribas unit, said the closed-ended, five-year fund would be geared up to 50 percent and invested in a diversified portfolio of commercial real estate assets.