AEW has raised €100m for its first French residential real estate fund, RESIDYS, which was backed by institutional investors.
The fund is targeting equity commitments of up to €400m, which will give the fund a total investment capacity of about €650m with leverage.
Stephane Sebban, fund manager at RESIDYS, said: “Our objective is to assemble a high-quality, well-balanced portfolio of French residential assets, comprising existing properties, developments and alternative housing (around 25%), including senior housing, in French cities most likely to benefit from strong, positive demographic and urbanisation trends.”
The fund is targeting a 4% income yield once fully invested.
A first acquisition has been made, AEW said, with further investments in the pipeline.
ERAFP has in the past been advised by AEW Europe as part of a socially responsible investment strategy, which could include French housing.
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